S&P 500 4 Hour Price Update
Updated August 03, 2020 07:14 AM GMT (03:14 AM EST)
S&P 500 is down 0.09% (3) since the previous 4 hours, marking the 2nd candle in a row it has gone down. Out of the 8 instruments in the 8 major global equity indices asset class, S&P 500 ended up ranking 5th for the four-hour candle in terms of price change relative to the previous 4 hours.
S&P 500 Daily Price Recap
3271.12 was the closing price of the day for S&P 500, resulting in today being one in which price moved up 0.77% ($24.9) from yesterday. S&P 500 outperformed all 8 assets in the 8 major global equity indices asset class since yesterday. 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 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 6 of the previous 10 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.
Overheard on Twitter
Over on Twitter, here were the top tweets about S&P 500:
- From _prashantnair:
Market Action Overnight- Despite selling off in the 1st half & seeing a low of around 3220, SPX rallied during the afternoon- DXY reversed earlier px action & rallied a bit- S&P-500 +0.77%, Nasdaq +1.49%Post Market Hours – Fitch cut outlook for US to NEGATIVE from STABLE
- From HakCapital:
Technical analysis under similar market conditions with quantitative easing concludes there is very little likelihood for $ES to trade lower than 3198, and for the S&P 500 to break the lower trend line formed since the March 20, 2020 bottom.$SPY $SPX $ES $ES_F
- From realpristinecap:
Shows Fed monetary policy against the S&P 500. As you can see, fed balance sheet explanation and positive $SPX performance are highly correlated