S&P 500 (SPX) Tops All Global Equity Indices, 2 Day Down Streak Snapped; But Still in a Downtrend Over Past 30 Days

S&P 500 Daily Price Recap

The back and forth price flow continues for S&P 500, which started today off at 2526.9 US dollars, up 2.28% ($56.4) from the day prior. S&P 500 outperformed all 8 assets in the global equity indices asset class since the day prior. Here is a daily price chart of S&P 500.

S&P 500 Technical Analysis

The first thing we should note is that the current price of S&P 500 is sitting close to its 20 day moving averages; moving average crosses often indicate a change in momentum, so this may be worth keeping an eye on. Volatility for S&P 500 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. For another vantage point, consider that S&P 500’s price has gone up 7 of the previous 14 trading days. Candlestick traders will also want to note that we are seeing a bullish engulfing pattern amidst the downtrend on the 30 and 90 day charts; a bullish engulfing pattern amidst a downtrend may signal the downtrend is ready to culminate.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to S&P 500 for the past day were:

  • From TMLTrader:

    S&P 500 logs a follow-through day with 2.28% gain on heavier volume than yesterday. This signals IBD’s Market Outlook to shift to Confirmed Uptrend.Leaders moving higher on heavy volume are still scarce for now as they need more time to set up.$SPX $SPY $QQQ

  • From GregoireDup:

    S&P 500
    Only 1.5% intraday move after 1 hour.
    😴😴😴😴😴😴😴$ES $SPY $SPX

  • From Better_Trader:

    We remain short on S&P 500 $SPX #ES_F