S&P 500 (SPX) Heads Down For the 3rd Straight Day, in an Uptrend Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated February 19, 2021, 23:18 GMT

At the time of this writing, S&P 500’s price is down -2.75 (-0.07%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as S&P 500 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. Price action traders may also wish to note that we see a doji candlestick pattern on S&P 500. Given that we see downtrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 20 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 is down 0.44% (17.36) since yesterday, marking the 3rd straight day a decrease has occurred. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 6th 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

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For another vantage point, consider that S&P 500’s price has gone up 8 of the previous 14 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.