S&P 500 (SPX) Down 1%; in an Uptrend Over Past 14 Days

The Hourly View for SPX

Last Updated November 13, 2020, 01:05 GMT

At the moment, SPX’s price is down $-6 (-0.17%) from the hour prior. The hourly chart shows that SPX has seen 3 straight down hours. From a hourly perspective, the market looks fairly choppy; clear trends aren’t showing up on the 20, 50 and 100 hour timeframes. Of note is that the 50 hour changed directions on SPX; it is now pointing up. 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 entered today at 3537.01, down 1% ($35.65) from yesterday. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 9th for the day in terms of price change relative to yesterday. Let’s take a look at the 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 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 16 of the previous 30 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 GrnBulls:

    GOLDMAN SACHS:– S&P 500 TO HIT 4300 BY END OF 2021 AND 4600 BY 2022-END– RAISES S&P 500 2020 TARGET TO 3700 POINTS FROM 3600 POINTS$SPY #SPX

  • From SJD10304:

    >3,580.84 for the highest daily close in the history of the S&P 500. Take that “sell” button. $spx

  • From WallStSai:

    $SPY $SPXGOLDMAN SACHS LIFTS S&P 500’S END-2020 TARGET BY 4% TO 3700