S&P 500 4 Hour Price Update
Updated May 29, 2020 11:13 AM GMT (07:13 AM EST)
S&P 500 is down 0.3% (9) since the last 4 hour candle, marking the 2nd candle in a row a decline has happened. Out of the 8 instruments in the 8 major global equity indices asset class, S&P 500 ended up ranking 5th for the four-hour candle in terms of price change relative to the last 4 hour candle.
S&P 500 Daily Price Recap
S&P 500’s 3 day positive streak has officially concluded, as the candle from yesterday closed down 0.21% (6.4). Relative to other instruments in the 8 major global equity indices asset class, S&P 500 ranked 6th since yesterday in terms of percentage price change. The daily price chart of S&P 500 below illustrates.
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 9 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.
In terms of news links for S&P 500 here’s one to try:
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.