The Hourly View for SPX
Last Updated November 23, 2020, 02:018 GMT
Currently, SPX’s price is down -2 (-0.06%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being below it. 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 3557.54 US dollars, down 0.68% (24.33) from the day prior. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 13th for the day in terms of price change relative to the day prior. The daily price chart of S&P 500 below illustrates.
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 5 of the previous 10 trading days.