S&P 500 (SPX) Up $15 On 4 Hour Chart, Entered Today Down 2.42%; Crosses 200 Day Moving Average

S&P 500 4 Hour Price Update

Updated June 29, 2020 11:13 PM GMT (07:13 PM EST)

S&P 500 is up 0.49% (15) since the last 4 hour candle, marking the 5th candle 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 3rd for the four-hour candle in terms of price change relative to the last 4 hour candle.

S&P 500 Daily Price Recap

3009.05 was the closing price of the day for S&P 500, resulting in today being one in which price moved down 2.42% ($74.71) from the day prior. Relative to other instruments in the 8 major global equity indices asset class, S&P 500 ranked 7th since the day prior in terms of percentage price change. Let’s take a look at the 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 below its 200 day moving average yesterday. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. For another vantage point, consider that S&P 500’s price has gone up 6 of the previous 10 trading days. Traders may also wish to note that there is a bearish engulfing pattern in play, which suggests the uptrend on the 30 day charts, may be slowing down and ready to reverse.

Overheard on Twitter

Over on Twitter, here were the top tweets about S&P 500:

  • From spank419:

    @NorthmanTrader @asVitale within a week SPX will be down another 15 to 20% which still puts the S&P 500 at severely overvalued.For 2021 $150 a share times 18 X is 2700. That’s a year end 2021. For this year $130 a share if we’re lucky.right now fair value is 1800 on the S&P. Hope this helps millennials

  • From DaRaykhman:

    If Tesla is added to S&P 500 the weighting will be close to 0.715%. I found about 3 trillion dollars of funds that track that index and would need to buy TSLA. Thats about 21 billion dollars worth of stock. Can anybody find more acurate number for funds tracking SPX?

  • From _prashantnair:

    Global Markets Overnight- S&P-500 fell below 200d MA (3021) for 1st time in this correction, ended under it- SPX -2.4%, Nasdaq -2.5%- Texas & Florida reversed some of their reopening measures, San Francisco delayed its own- Election newsflow dominated with Covid focus

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

Key Nasdaq and S&P 500 Breaks to Start Next Week On, Monitor the Pandemic

Note: Low and High figures are for the trading day.