S&P 500 (SPX) 3 Day Up Streak Broken, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated April 7, 2021, 03:018 GMT

At the time of this writing, S&P 500’s price is down -1.17 (-0.03%) from the hour prior. The hourly chart shows that S&P 500 has seen 3 straight down hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. 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

S&P 500 is down 0.1% (3.97) since yesterday, marking a reversal from the day prior — and the end of a 3 day positive run. 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 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 5 of the previous 10 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.