S&P 500 (SPX) Down $10.69 On 4 Hour Chart, 2 Day Up Streak Snapped; But Still in an Uptrend Over Past 90 Days

S&P 500 4 Hour Price Update

Updated September 04, 2020 12:03 AM GMT (08:03 PM EST)

S&P 500 came into the current 4 hour candle down 0.31% (10.69) from the open of the previous 4 hours, marking the 3rd straight candle a decline has happened. Out of the 8 instruments in the 8 major global equity indices asset class, S&P 500 ended up ranking 3rd for the four-hour candle in terms of price change relative to the previous 4 hours.

S&P 500 Daily Price Recap

The back and forth price flow continues for S&P 500, which started today off at 3455.06 US dollars, down 3.51% (125.78) from the day prior. Those trading within the 8 major global equity indices asset class should know that S&P 500 was the worst performer in the class today. Let’s take a look at the daily price chart of S&P 500.

SPX

S&P 500 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For another vantage point, consider that S&P 500’s price has gone up 11 of the previous 14 trading days. Traders may also wish to note that there is a bearish engulfing pattern in play, which suggests the uptrend on the 14, 30 and 90 day charts, may be slowing down and ready to reverse.

Overheard on Twitter

Behold! Here are the top tweets related to S&P 500:

  • From DarinRossMiller:

    @garyblack00 Is it possible S&P 500 is trying to time Tesla inclusion. It’s against the idea that their list represents a stable, long term investment based purely on results. This is the role of fund managers, not theirs and they are only making things worse. Inaction is action. $TsLa $SPX

  • From SqueezeMetrics:

    @obwon72 @SamanthaLaDuc Anything that makes the S&P 500 go up right now is a squeeze. In late ’17, early ’18, there was a short squeeze as SPX call overwriters repeatedly were forced into rolling their short calls.Need something like this to keep the index moving up.

  • From dankourny:

    @Dennis83564480 @zerohedge Trading “longer”? Not sure what you mean there. If it’s referring to how long I’ve been trading. It’s 30 years. Professionally. While managing billions of dollars of institutional money. It it’s referring to my trading positions, I’m in triple-levered S&P 500 ETF $SPXL

For a longer news piece related to SPX that’s been generating discussion, check out:

S&P 500 Index (SPX) – Investing.com

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