S&P 500 (SPX) 2 Day Up Streak Ended, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated November 18, 2020, 02:018 GMT

Currently, SPX’s price is down -3 (-0.08%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as SPX has now gone down 4 of the past 5 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. Of note is that the 50 hour changed directions on SPX; it is now pointing down. 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

The back and forth price flow continues for S&P 500, which started today off at 3609.53 US dollars, down 0.48% (17.38) from yesterday. Relative to other instruments in the equity indices asset class, S&P 500 ranked 11th since yesterday in terms of percentage price change. Let’s take a look at the daily price chart of S&P 500.

SPX

S&P 500 Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 30 days S&P 500’s price has gone up 17 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.

Overheard on Twitter

Behold! Here are the top tweets related to S&P 500:

  • From SJD10304:

    The S&P 500 not only closed at an ATH but it also closed more than 15% above its 200 day SMA today. We haven’t seen that since 09/02/2020 and prior to that 5/12/1999. $spx

  • From BlueberrySquawk:

    ⚡️Tesla eligible to join S&P in December #SPX500
    On December 21, Tesla will join the S&P 500 Index – replacing another S&P 500 company, which will be released to the public at a later date.

  • From ExortusResearch:

    And just like that Tesla is headed to the S&P 500!!! Congratulations to @elonmusk and the $TSLA longs. Condolences to the shorts. $NIO $RIDE $HYLN $NKLA $FSR $HCAC $SPI $SPY $SPX

  • From vypointjch:

    Congratulations @Tesla for being named to the S&P 500 index effective 12/21Another milestone in your history-making journey@spxindex

  • From SharpStreetCap:

    SPX NEWS: TESLA SET TO JOIN S&P 500: BBG$tsla casually up 13.5%

  • From zerohedge:

    SPX NEWS: TESLA SET TO JOIN S&P 500: BBGIs this real?

  • From DeItaone:

    U.S. STOCKS EXTEND FALL, S&P 500 .SPX DOWN 1.00 PCT

  • From breakingmkts:

    U.S. STOCKS EXTEND FALL, S&P 500 .SPX DOWN 1.00 PCT

  • From Better_Trader:

    We are looking to sell S&P 500 $SPX #ES_F