S&P 500 Daily Price Recap
S&P 500 is up 2.68% ($75.01) since yesterday, marking the 2nd day in a row an increase has occurred. Relative to other instruments in the 8 major global equity indices asset class, S&P 500 ranked 7th since yesterday in terms of percentage price change. Let’s take a look at the daily price chart of S&P 500.
S&P 500 Technical Analysis
Notably, S&P 500 crossed above its 50 day moving average yesterday. 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 8 of the previous 14 trading days.
Overheard on Twitter
Over on Twitter, here were the top tweets about S&P 500:
- From TomWhite_TDAN:
The S&P 500 $SPX & Nasdaq $COMP have jumped more than 30% from its March 23 intraday low while the Dow $DJI has gained 33% at the close on Friday. No good news with Earnings expected to be dismal. Going to be an interesting week with downside potential. @TDANetwork $VIX
- From MichaelJobe:
I am estimating the 2020 PE ratio on the S&P 500 to be 28.75 with the Index currently at $2,875. I’m estimating EPS of $100 using a 35% discount to expectations for the 2nd, 3rd and 4th quarter of 2020. $SPX $SPY $DIA
- From hiddensmallcaps:
$SPX $SPYThe S&P 500 gained 15.5% the past 2 weeks. Only other times since WWII that it gained >12% in 2 weeks was October 1974, August 1982, and March 2009. One year later the S&P 500 was up 22.9%, 37.3%, and 51.7%, respectively.