Is Momentum Changing for S&P 500? Price Just Crossed Below Its 20 Day Moving Average

News Releases Impacting S&P 500

  • Forecasted Personal Spending MoM in United States: 0.7%. The actual number: 0.9%. (22.22% difference between the two.)

The Daily View for S&P 500

  • At the moment, SPX’s price is up 79.11 (1.99%) from the day prior.
  • S&P 500 has seen its price go up 4 out of the past 5 days, thus creating some compelling opportunities for bulls.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them with price now being above it. The moving averages on the daily timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.
  • Divergence between SPX’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in SPX’s price.

Below is a daily price chart of S&P 500.

SPX

Featured S&P 500 Idea From TradingView

Below is a trading comment entitled Bitcoin is Unlikely To Outperform The Stock Market Again you may find interesting:

Above, you can see that Bitcoin is currently back to 2017 ATH levels when weighted against the S&P 500. In addition, Bitcoin has also sustained a breakdown below both long term trendlines against the index. I can’t really be more generous than that. Even if stocks have already hit bottom, I think Bitcoin is unlikely to outperform again, at least for many years. If this is the case, can Bitcoin survive based on pure utility? Or is its utility also its value? This could imply that it is self-defeating. In the summer of 2021, I still speculated that Bitcoin could have a final blow-off top. Bitcoin bounced from the first trendline and made a brief new all-time high, but did not manage to have the blow off moment many were expecting. Here is the original post, which was my first article to be featured on the front page of TradingView. https://www.tradingview.com/chart/BTCUSD/1lrZESlQ-The-Bitcoin-SPX-Ratio-Presents-A-Possible-Buy-Signal/I also made a post in August, 2021 about Bitcoin’s performance against different assets, noting its weakness against Tesla and relative strength against Gold. Now, Bitcoin is lingering right on the long term trend against Gold, and I would not be surprised to see that break down as well. https://www.tradingview.com/chart/BTCUSD/RhUJGHwm-Bitcoin-Performance-Across-Assets-Gold-SPX-and-TSLA/Even then, I was thinking Bitcoin could achieve Gold’s market cap this cycle. This is why it’s extremely important to be adapti…

VictorCobra