S&P 500 4 Hour Price Update
Updated May 28, 2020 11:13 PM GMT (07:13 PM EST)
S&P 500 entered the current 4 hour candle at 3036, down 0.69% ($21) from the previous 4 hours. Out of the 8 instruments in the 8 major global equity indices asset class, S&P 500 ended up ranking 6th for the four-hour candle in terms of price change relative to the previous 4 hours.
S&P 500 Daily Price Recap
S&P 500 is up 1.48% (44.36) since the previous day, marking the 3rd day in a row an increase has occurred. Out of the 8 instruments in the 8 major global equity indices asset class, S&P 500 ended up ranking 4th for the day in terms of price change relative to the previous day. Here is a daily price chart of S&P 500.
S&P 500 Technical Analysis
Moving average crossovers are always interesting, so let’s start there: S&P 500 crossed above its 200 day moving average yesterday. 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 10 of the previous 14 trading days.
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 qckisa:
@jhapril1958 This market may be one mistake away from collapsing 300 points on S&P 500 Index. I tend to think $155/share for 2021 $SPX earnings at 17X, or low 2600s, should be the fundamental basis until the technicals make some sense to risk any funds. This is very uncertain at the moment…
- From qckisa:
S&P 500 Index is unlikely to trend higher over 200-day moving average with only 37% of its issues trading over it. It’s 25% of issues on NYSE. Number of issues over 50-dma says this is overbought. 10-day CBOE equity P/C ratio is at 0.56. Blowing off… Oh boy! $SPX $NYA
- From jedimarkus77:
I am referencing the $SPX S&P 500 cash market for these observations. I consider the most recent post-COVID Crash market behavior to be of most relevance despite the short amount of time we have had with only 48 trading sessions including the day of the COVID Crash low on 3/23.
As for a news story related to S&P 500 getting some buzz:
S&P 500 This chart highlights the current wide divergence between the Consumer Confidence Index and the S&P 500….Image: BofA Research Investment Committee U.S. Equity Market Sentiment and S&P 500 The equity risk indicator from Morgan Stanley is still in exuberant territory.