Technical Analysis – INX.IX (US SP 500 Index USD1 CFD)

Published On: 10 February 2023, 5:20PM | Huang Zixing, Dealer

As seen from the daily chart of the US S&P 500 Index USD1 CFD, after the double bottom formed between October 2022 to November 2022, the price rose from about $3,489 to $4,060. The price then dropped before increasing back to $4,060 again, forming a double top. Subsequently, it fell and then rebounded again.

After the price broke through the previous $4,060 resistance level (green line), the line acted as a support level. If the price continues to trend upwards, we can look to go long. Here, we would consider exiting the trade as it approaches the 2 key resistance levels of $4,300 (red line) and $4,640 (blue line). However, if price breaks below the support level (green line), it may trend down further.

This material is provided to you for general information only and does not constitute a recommendation, an offer or solicitation to buy or sell the investment product mentioned. It does not have any regard to your specific investment objectives, financial situation or any of your particular needs. Accordingly, no warranty whatsoever is given and not liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of your acting based on this information. Investments are subject to investment risks. The risk of loss in leveraged trading can be substantial. You may sustain losses in excess of your initial funds and may be called upon to deposit additional margin funds at short notice. If the required funds are not provided within the prescribed time, your positions may be liquidated. The resulting deficits in your account are subject to penalty charges. The value of investments denominated in foreign currencies may diminish or increase due to changes in the rates of exchange. You should also be aware of the commissions and finance costs involved in trading leveraged products. This product may not be suitable for clients whose investment objective is preservation of capital and/or whose risk tolerance is low. Clients are advised to understand the nature and risks involved in margin trading. You may wish to obtain advice from a qualified financial adviser, pursuant to a separate engagement, before making a commitment to purchase any of the investment products mentioned herein. In the event that you choose not to obtain advice from a qualifies financial adviser, you should assess and consider whether the investment product is suitable for you before proceeding to invest and we do not offer any advice in this regard unless mandated to do so by way of a separate engagement. You are advised to read the trading account Terms & Conditions and Risk Disclosure Statement (available online at before trading in this product. Any CFD offered is not approved or endorsed by the issuer or originator of the underlying securities and the issuer or originator is not privy to the CFD contract. This advertisement has not been reviewed by the Monetary Authority of Singapore.