Daily Price Outlook

On October 13, the S&P500 (SPX) stands at 4340, experiencing a decrease of 0.62% within the last 24 hours. This observation is based on a 4-hour chart timeframe.

The pivot point for the index is pinpointed at 4357. Several significant resistance and support levels emerge around this pivot.

The immediate resistance is located at 4399, followed by subsequent resistances at 4447 and 4504. Should the index retract, immediate support might be felt at 4331, with the potential for steeper declines towards the support levels at 4287 and 4214.

Analyzing the technical indicators offers further insights. The Relative Strength Index (RSI) is currently at 54. An RSI value greater than 50 traditionally indicates bullish sentiment, suggesting a slightly positive momentum for the index.

The 50-Day Exponential Moving Average (EMA) is precisely at the pivot point, 4357. Since the current price is slightly below the 50 EMA, it signals a short-term bearish trend.

In conclusion, the overall trend for the S&P500 (SPX) leans bearish, especially if the price sustains below the 4357 mark. On the flip side, surpassing this level could tilt the sentiment to bullish.

For short-term maneuvers, traders and investors should anticipate the index's movements around these delineated levels, especially with a potential test of the 4399 resistance in the forthcoming sessions.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Limit 4330

Take Profit – 4445

Stop Loss – 4275

Risk to Reward – 1: 95

Profit & Loss Per Standard Lot = +$1150/ -$587

Profit & Loss Per Micro Lot = +$115/ -$58

Daily Price Outlook

The global market sentiment failed to stop its downward trend, and is still flashing red. Furthermore, the S&P 500, a key indicator of the U.S. stock market, reflects the state of the American economy and has recently shown noticeable instability. In addition, this volatility is an important way to gauge market conditions and indicates that there might be a turbulent period ahead.

Key Factors Affecting the S&P 500 in the Near Future

The S&P 500 has been experiencing frequent fluctuations, marked by its ups and downs. Moreover, investor confidence is being influenced by concerns related to the U.S. Federal Reserve's decisions on interest rates and the flow of economic data. Additionally, one significant factor causing market turbulence is the rise in U.S. Treasury yields.

These yields, which represent returns on government bonds, have been steadily increasing. Consequently, when yields go up, it raises worries about higher borrowing costs for businesses and individuals, which in turn creates uncertainty in the stock market. Therefore, investors are dealing with these uncertain market conditions.

Investors are keeping a close eye on several key factors that could influence the S&P 500 in the near future. Firstly, one of the most anticipated events is the monthly jobs report, which provides insights into the state of the U.S. labor market. Secondly, a strong job market can be seen as a positive sign for the economy, but it can also raise concerns about the Federal Reserve potentially raising interest rates.

Another factor to consider is corporate earnings reports. Furthermore, as we enter the third quarter, investors are eager to see how companies have been performing. Analysts are projecting a modest increase in earnings for S&P 500 companies compared to the previous year.

S&P500 (SPX) - Technical Analysis

On October 6, the S&P500 is trading at a price of 4387, as depicted in the 4-hour chart. Critical price points have emerged in the current landscape. The pivot point for the S&P500 is set at $4359. For those looking at potential barriers, there's immediate resistance at $4443, and following that, we have resistance levels at $4602 and $4686.

On the downside, the S&P500 sees its immediate support at $4203, with subsequent cushions found at $4116 and $3960.

From a technical standpoint, the Relative Strength Index (RSI) for the S&P500 stands at 34.59. This value, being below 50, signifies a bearish sentiment. However, approaching the 30-mark suggests the market could soon be in oversold territory, hinting at a potential trend shift or consolidation.

The current price of the S&P500 aligns closely with its 50-Day Exponential Moving Average (EMA) which is at $4387. This equilibrium suggests a possible turning point or decisive move in the offing.

Chart patterns further indicate a prevailing downward channel, supported by the selling indications from the 50 EMA, signifying potential continuation in the bearish momentum.

In conclusion, while the immediate trend for the S&P500 leans bearish, especially if prices remain below the pivot point of 4359, a break above this level might swing sentiments bullish.

Over the next trading sessions, the trajectory of the S&P500, based on its position relative to the 4359 pivot, could either lean towards the resistance at 4443 or seek the support zone near 4203.

Related News

Daily Price Outlook

On October 6, the S&P500 is trading at a price of 4387, as depicted in the 4-hour chart. Critical price points have emerged in the current landscape. The pivot point for the S&P500 is set at $4359. For those looking at potential barriers, there's immediate resistance at $4443, and following that, we have resistance levels at $4602 and $4686.

On the downside, the S&P500 sees its immediate support at $4203, with subsequent cushions found at $4116 and $3960.

From a technical standpoint, the Relative Strength Index (RSI) for the S&P500 stands at 34.59. This value, being below 50, signifies a bearish sentiment. However, approaching the 30-mark suggests the market could soon be in oversold territory, hinting at a potential trend shift or consolidation.

The current price of the S&P500 aligns closely with its 50-Day Exponential Moving Average (EMA) which is at $4387. This equilibrium suggests a possible turning point or decisive move in the offing.

Chart patterns further indicate a prevailing downward channel, supported by the selling indications from the 50 EMA, signifying potential continuation in the bearish momentum.

In conclusion, while the immediate trend for the S&P500 leans bearish, especially if prices remain below the pivot point of 4359, a break above this level might swing sentiments bullish.

Over the next trading sessions, the trajectory of the S&P500, based on its position relative to the 4359 pivot, could either lean towards the resistance at 4443 or seek the support zone near 4203.

S&P500 (SPX) - Trade Idea 

Entry Price – Buy Limit 4223

Take Profit – 4343

Stop Loss – 4175

Risk to Reward – 1: 2.5

Profit & Loss Per Standard Lot = +$1200/ -$480

Profit & Loss Per Micro Lot = +$120/ -$48

Daily Price Outlook

When conducting a technical analysis of the S&P500 for September 29, it's crucial to consider several key factors. The chart timeframe under scrutiny is 4 hours, with the pivot point being established at $4365.

In terms of resistance, there are three primary levels to observe: immediate resistance at $4420, followed by the next resistances at $4519 and $4569.

Conversely, support levels are delineated at $4269, with subsequent support points at $4217 and $4122. Analyzing technical indicators provides deeper insights.

The Relative Strength Index (RSI) currently stands at 43, which hints at a slightly bearish sentiment since an RSI value below 50 typically signifies a bearish market stance.

In the MACD readings, a value of 7 and a signal of -26 were recorded. Interestingly, the MACD line's position above its signal line suggests potential bullish momentum.

The 50-day Exponential Moving Average (50 EMA) is at $4360, and since the price is marginally above this point, a short-term bullish trend can be inferred. Chart patterns further reveal a Fibonacci Retracement, with the 38.2% level pinpointed at $4325.

This level's breach, in either direction, could offer clues about the asset's forthcoming trajectory.

In the short term, it's anticipated that the S&P500 will endeavor to test the resistance stationed at $4420.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Below 4337

Take Profit – 4226

Stop Loss – 4408

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$111/ -$710

Daily Price Outlook

The global markets have been gaining momentum and rebounded on Friday, signaling a recovery for major US indices. The S&P 500, a key US stock gauge, turned around on Friday, gaining nearly 0.60% and settling just below $4,300. Although, this was a relief after a more than 5.0% drop from its September peak of around $4,540. Other major indices followed suit, with the Dow Jones Industrial Average (DJIA) rising 116 points to $33,666.34 (0.35%), and the tech-heavy Nasdaq Composite surging over 0.80% to $13,201.28.

As we all are well aware, the month of September has been challenging for stocks due to recession and government shutdown concerns, but the pause in selling and Treasury yield hikes allowed for this rebound, ahead of the critical US Personal Consumption Expenditure (PCE) Price Index release on Friday.

US Dollar Strength and Federal Reserve Focus

Investors are keeping a close eye on the strength of the US Dollar (USD). Despite lackluster US economic data on Thursday, their primary focus is on the Federal Reserve's efforts to support the USD. Just last week, the central bank cautioned that ongoing inflation in the US could lead to another interest rate hike before the year's end. This highlights the significance of the upcoming US Core PCE Price Index release. It will shape market expectations about the Fed's future actions, influencing demand for the USD and giving new impetus to various currency pairs.

Upcoming US PCE Inflation Measure and Market Expectations

Looking forward, the focus is on the upcoming US PCE inflation measure, expected to hold steady at 0.2% for August. This data is critical as it helps shape market expectations regarding the Federal Reserve's future moves. The Fed is keenly watching inflation, and its actions can impact the value of the US Dollar (USD) and, in turn, influence the broader financial markets.

S&P500 (SPX) - Technical Analysis

When conducting a technical analysis of the S&P500 for September 29, it's crucial to consider several key factors. The chart timeframe under scrutiny is 4 hours, with the pivot point being established at $4365.

In terms of resistance, there are three primary levels to observe: immediate resistance at $4420, followed by the next resistances at $4519 and $4569.

Conversely, support levels are delineated at $4269, with subsequent support points at $4217 and $4122. Analyzing technical indicators provides deeper insights.

The Relative Strength Index (RSI) currently stands at 43, which hints at a slightly bearish sentiment since an RSI value below 50 typically signifies a bearish market stance.

In the MACD readings, a value of 7 and a signal of -26 were recorded. Interestingly, the MACD line's position above its signal line suggests potential bullish momentum.

The 50-day Exponential Moving Average (50 EMA) is at $4360, and since the price is marginally above this point, a short-term bullish trend can be inferred. Chart patterns further reveal a Fibonacci Retracement, with the 38.2% level pinpointed at $4325.

This level's breach, in either direction, could offer clues about the asset's forthcoming trajectory.

In the short term, it's anticipated that the S&P500 will endeavor to test the resistance stationed at $4420.

Daily Price Outlook

The prominent stock market index, the S&P 500, is displaying a pronounced bearish trend, declining by nearly 3% to stand at $4,336. This level serves as a pivotal support, underscored by a double bottom pattern at the same mark.

On the daily chart, the SPX has manifested two significant bearish engulfing candles, indicating a dominant bearish sentiment. Should the SPX breach the $4,336 threshold, it is poised to encounter subsequent support levels at $4,295 and possibly $4,261.

Conversely, the resistance is anchored at $4,377. A surge above this level could pave the way for the SPX to approach $4,440.

S&P500 (SPX) - Trade Idea 

Entry Price – Buy Above 4326

Take Profit – 4397

Stop Loss – 4296

Risk to Reward – 1: 1.7

Profit & Loss Per Standard Lot = +$710/ -$300

Profit & Loss Per Micro Lot = +$71/ -$30

Daily Price Outlook

The global market is currently showing mixed sentiment with a hint of caution. Asian markets, in particular, are displaying this mixed sentiment with a slightly negative bias. This caution is primarily due to concerns about the US Federal Reserve's recent hawkish stance on interest rate increases. Investors are carefully watching how this might affect the overall trajectory of interest rates, which is contributing to the uncertainty and mixed feelings in the markets.

Market Sentiment Impacted by Federal Reserve's Hawkish Stance and Strong USD

It's important to note that the broad-based US Dollar remains strong due to the Federal Reserve's hawkish stance. They have maintained high interest rates, hinting at a potential hike this year and fewer rate cuts in 2024. This has pushed US Treasury bond yields, affecting the market sentiment. Also, an unexpected drop in US weekly jobless claims added to the momentum. However, the Fed's plan to maintain higher rates for an extended duration raises worries regarding its potential impact on the economy.

The news has underminned market sentiment, as investors are concerned about the economic effects of the Federal Reserve's commitment to keeping interest rates high for an extended period.

Global Market Snapshot and Potential Impact on S&P 500

China's SSE Composite Index is up by 0.68% to 3,105, and Shenzhen Component Index has risen by 1.02% to 10,083. Hong Kong's Hang Seng Index is at 17,846, showing an increase. However, Tokyo's Nikkei 225 is down by 0.42% at 32,433, and South Korea's Kospi is down by 0.30%. Taiwan's Weighted Index has improved by 0.21%.

In Australia, the ASX 200 is down by 0.14% due to low commodity prices affecting the mining sector. Japan's Nikkei 225 index initially dropped after the Bank of Japan's decision to maintain its dovish monetary policy, disappointing investors anticipating hawkish signals.

In India, the Nifty 50 index has advanced to 19,761, showing a gain of 0.10%. However, caution persists due to rising tensions in the diplomatic dispute between India and Canada, linked to allegations surrounding a Sikh secessionist leader's killing.

Hence, the positive trends in China's and Hong Kong's markets may bolster global sentiment, potentially impacting the S&P 500 positively. Conversely, Japan and South Korea's downturns, along with caution in India, might introduce a hint of uncertainty.

S&P500 (SPX) - Technical Analysis

The prominent stock market index, the S&P 500, is displaying a pronounced bearish trend, declining by nearly 3% to stand at $4,336. This level serves as a pivotal support, underscored by a double bottom pattern at the same mark.

On the daily chart, the SPX has manifested two significant bearish engulfing candles, indicating a dominant bearish sentiment. Should the SPX breach the $4,336 threshold, it is poised to encounter subsequent support levels at $4,295 and possibly $4,261.

Conversely, the resistance is anchored at $4,377. A surge above this level could pave the way for the SPX to approach $4,440.

Daily Price Outlook

The global market sentiment remains positive as US equity markets head into the Friday closing session with significant gains. However, this reason for its upward trend can be attributed to the consistent positive US economic data, which shows that the US economy is doing better than expected. Investors are feeling positive and are no longer worried about an economic downturn in the US. They believe that the US economy is strong enough to handle challenges.

This can be witnessed by the positive performance of S&P 500, a key equity index. This renewed confidence is fueling the upward trajectory in the world's largest economy, instilling optimism in markets worldwide. It's worth noting that the S&P 500 made a strong move, reaching $4,500, thanks to positive US producer price index data that showed a 0.7% increase in August.

Positive US Economic Data and Outlook for Upcoming Reports

According to recent US economic data, the outlook is positive. For the week ending September 8, there were 220,000 new jobless claims, slightly better than the previous week's 217,000. In August, the Core Producer Price Index (PPI) rose by 2.2%, matching expectations and just below the previous 2.4% increase. Retail sales also improved, rising by 0.6% compared to the previous month's 0.5%, beating the expected 0.2% slowdown. These numbers suggest the US economy is in good shape, which can impact sentiment in the stock market and trading decisions.

Looking forward to Friday's economic calendar in the US, investors are hoping for more positive data. They are keeping an eye on consumer expectations, industrial production, and the NY Empire State manufacturing index. The initial reading of the Michigan Consumer Sentiment Index is expected to dip slightly from 69.5 to 69.1. Industrial Production for August is predicted to slow down significantly, dropping from 1% to just 0.1%. As for the NY Empire State Manufacturing Index, it's expected to improve but still stay in the negative zone, with a forecast of -10 compared to the previous -19. These upcoming numbers will be closely watched by the market.

Positive Economic News and Market Confidence Boost in China

Furthermore, the data from the National Bureau of Statistics (NBS) in China brings positive news. In the meantime, the recent decision by the People's Bank of China (PBoC) to cut the Reserve Requirement Ratio (RRR) by 25 basis points (bps) is boosting market confidence. China's Retail Sales (year-on-year) surged by 4.6% in August, surpassing the expected 3.0% increase and improving upon the previous month's 2.5% figure. Moreover, Industrial Production did even better, with a 4.5% growth rate in August, outperforming the estimated 3.7% rise seen in July. These numbers are certainly encouraging for the market.

S&P500 (SPX) - Technical Analysis

Upon scrutinizing the technical nuances of the S&P 500, the index displays volatility around the $4,500 mark. Delving into the four-hour chart, the S&P 500 has staged a comeback from a critical support pegged at $4,470. The candlestick configurations hint at a possible upward trajectory for the index.

Should the S&P 500 sustain above this threshold, it is poised to confront the ensuing formidable resistance near $4,500. Beyond this, another significant resistance coincides with the 61.8% retracement mark, intensified by a 61.8% extension.

On the flip side, if the S&P 500 descends below the $4,470 benchmark, ensuing supports are likely at $4,450 and $4,335. The linchpin remains the pivotal $4,400 support, serving as today's fulcrum. A position above this point insinuates a potential bullish continuation, whereas a breach below might signal augmented selling activity.

Daily Price Outlook

Upon scrutinizing the technical nuances of the S&P 500, the index displays volatility around the $4,500 mark. Delving into the four-hour chart, the S&P 500 has staged a comeback from a critical support pegged at $4,470. The candlestick configurations hint at a possible upward trajectory for the index.

Should the S&P 500 sustain above this threshold, it is poised to confront the ensuing formidable resistance near $4,500. Beyond this, another significant resistance coincides with the 61.8% retracement mark, intensified by a 61.8% extension.

On the flip side, if the S&P 500 descends below the $4,470 benchmark, ensuing supports are likely at $4,450 and $4,335. The linchpin remains the pivotal $4,400 support, serving as today's fulcrum. A position above this point insinuates a potential bullish continuation, whereas a breach below might signal augmented selling activity.

S&P500 (SPX) - Trade Idea 

Entry Price – Buy Above 4490

Take Profit – 4545

Stop Loss – 4440

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$550/ -$500

Profit & Loss Per Micro Lot = +$55/ -$50

Daily Price Outlook

The technical outlook for the S&P 500 presents a captivating picture. While there have been slight variations akin to light rain, the $4400 level captures my focus. A detailed look indicates the 50-day exponential moving average providing solid resistance around $4475.

What stands out is the affirmation from candle closures below this mark, indicating a potential downward trend. Examining the technical metrics, both the relative strength index and the moving average convergence divergence indicators remain stable in the sell zone, hinting chances of a bearish movement.

Furthermore, the S&P 500 showcases the potential to target the $4390 mark. Achieving this could set the stage for the next target at $4350. On the flip side, bullish cross above $4475 might push the index towards the $4500 or $4545 areas. Given these insights, it's wise to stay alert and consider a selling around the $4475 mark for the day.

S&P500 (SPX) - Trade Idea 

Entry Price – Sell Below 4465

Take Profit – 4395

Stop Loss – 4500

Risk to Reward – 1: 2

Profit & Loss Per Standard Lot = +$700/ -$350

Profit & Loss Per Micro Lot = +$70/ -$35