The Hourly View for SPX
Last Updated November 25, 2020, 01:05 GMT
At the time of this writing, SPX’s price is up $7 (0.19%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as SPX has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
S&P 500 Daily Price Recap
S&P 500 closed the day prior up 1.62% (57.82); this denotes the 2nd straight day an upward move has occurred. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 4th for the day in terms of price change relative to the day prior. Let’s take a look at the daily price chart of S&P 500.
S&P 500 Technical Analysis
Volatility for S&P 500 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For another vantage point, consider that S&P 500’s price has gone up 16 of the previous 30 trading days.
Overheard on Twitter
Over on Twitter, here were the top tweets about S&P 500:
- From EliteOptions2:
Good morning!$SPX setting up to test 3588, if it breaks above it can run to 3619+$TSLA gapping above 500, if it can defend 500 it can move back to 508-511.. TSLA getting added to S&P 500 on Dec 21st.. lets see if it can start to run into DecemberGood luck everyone! 😁
- From Pullman95736095:
@charliebilello @ycharts $11 trillion $SPX index-tracking funds will also have to sell some $51 billion worth of shares already in the S&P 500 and use the cash to buy Tesla shares. with its $473 billion market cap, $tsla will instantly be larger than 95% of the companies already in the index.😱
- From TokunboAdesina:
Unsurprisingly, it became global investors’ choice amid its recent price action rising by 6% – showing a gain of over 6%. #Tesla Inc. extended its rally ahead of its December debut in the S&P 500 (#SPX), as it is now worth a market value of $494 billion.
As for a news story related to S&P 500 getting some buzz:
Image: Goldman Sachs Global Investment Research S&P 500 – Actual Paid Dividends and Future Implied Dividends Markets are pricing lower dividends for S&P 500 companies over the long term….Image: Goldman Sachs Global Investment Research New S&P 500 Index All-Time Highs Per Year New all-time highs tend to occur in clusters and can last more than 10 years.