There is a scenic lookout spot in Porter Ranch which offers views of the San Fernando Valley, and is the perfect place to watch the sunrise or the sunset.
From the 118 FWY, exit Reseda and head north until you pass by Calle Vista Circle. Once passed, make a U-turn and park on the side of the street.
Here you will find the trailhead for the Palisades Trail Hike. To get to the scenic lookout, simply walk up the short trail leading up the hill, and head towards the left. You will immediately see the gorgeous views of the city from here, but walk all the way to the edge for better vantage points.
This is a great spot to visit anytime of the day, because you'll get to view the whole San Fernando Valley as well as neighboring cities. However, I highly suggest coming here to view the sunrise or the sunset for the extra magic this place has to offer.
I would recommend bringing your own foldable chairs, so you can chill and take your time enjoying the views. If you love taking sunrise/sunset photos or time lapse videos, this would be a great place for that, too.
Simply walk back down the hill to head back to your car.