S&P 500 (SPX) 2 Day Up Streak Ended, Price Base in Formation Over Past 14 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated March 30, 2021, 23:18 GMT

At the time of this writing, S&P 500’s price is down -4.76 (-0.12%) 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. Regarding the trend, note that the strongest trend exists 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 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on SPX; it is now pointing down. The moving averages on the hourly timeframe suggest a bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

S&P 500 Daily Price Recap

3971.09 was the closing price of the day for S&P 500, resulting in today being one in which price moved down 0.09% ($3.45) from the day prior. Relative to other instruments in the equity indices asset class, S&P 500 ranked 11th since the day prior in terms of percentage price change. The daily price chart of S&P 500 below illustrates.

SPX

S&P 500 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that S&P 500’s price has gone down 6 of the previous 10 trading days. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.