S&P 500 (SPX) Makes Big Move Relative to Two Week Trend, Up 0.57%; in an Uptrend Over Past 30 Days

The Hourly View for SPX

Last Updated January 7, 2021, 03:018 GMT

At the time of this writing, S&P 500’s price is down -0.26 (-0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on S&P 500. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 came into today up 0.57% (21.28) from the open of the day prior, marking the 2nd day in a row it has gone up. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 9th for the day in terms of price change relative to the day prior. The daily price chart of S&P 500 below illustrates.

SPX

S&P 500 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 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 7 of the previous 10 trading days.