S&P 500 (SPX) Makes Big Move Relative to Two Week Trend, Down 0.54%; is Inching Close to 20 Day Average

The Hourly View for SPX

Last Updated June 17, 2021, 10:18 GMT

At the moment, S&P 500’s price is up 6 (0.14%) from the hour prior. S&P 500 has seen its price go down 4 out of the past 5 hours, thus creating some compelling opportunities for bears. 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 doji 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 choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

S&P 500 Daily Price Recap

S&P 500 closed the previous day down 0.54% (22.89); this denotes the 2nd consecutive day it has gone down. 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 previous day. Let’s take a look at the daily price chart of S&P 500.

SPX

S&P 500 Technical Analysis

Volatility for S&P 500 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 14 days S&P 500’s price has gone up 8 them.