S&P 500 (SPX) 6 Day Up Streak Snapped; Doji and Pin Bar Patterns Appearing on Chart

The Hourly View for SPX

Last Updated February 11, 2021, 00:019 GMT

At the moment, S&P 500’s price is down -0.75 (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on S&P 500. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

S&P 500 Daily Price Recap

S&P 500 is down 0.11% (4.36) since the day prior, marking a reversal from the day prior — and the end of a 6 day positive run. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 10th for the day in terms of price change relative to the day prior. Below is a 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 90 day horizon; over that time period, price has been moving up. Or to view things another way, note that out of the past 10 days S&P 500’s price has gone up 7 them. And for candlestick traders, a special treat: there are doji and pin bar patterns showing up on the charts as well. Rejoice!