The Hourly View for SPX
Last Updated April 27, 2021, 02:018 GMT
At the moment, S&P 500’s price is up 0.25 (0.01%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 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 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 up 0.18% (7.45) since the day prior, marking the 2nd day in a row an increase has occurred. 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. Below is a 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 30 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 17 of the previous 30 trading days.