S&P 500 (SPX) Heads Up For the 2nd Consecutive Day, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated May 28, 2021, 02:018 GMT

At the moment, S&P 500’s price is down -2.25 (-0.05%) from the hour prior. The hourly chart shows that S&P 500 has seen 2 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on S&P 500. Given that we see an uptrend on the 20 and 10 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 came into today up 0.12% (4.89) from the open of yesterday, marking the 2nd consecutive day it has gone up. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 7th for the day in terms of price change relative to yesterday. Below is a daily price chart of S&P 500.

SPX

S&P 500 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For additional context, note that price has gone up 5 out of the past 10 days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!