S&P 500 (SPX) 2 Day Up Streak Ended, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated April 28, 2021, 03:018 GMT

Currently, S&P 500’s price is up 0.25 (0.01%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as S&P 500 has now gone up 8 of the past 10 hours. As for the trend on the hourly timeframe, we see the clearest trend on the 100 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

The choppiness in the recent daily price action of S&P 500 continues; to start today, it came in at a price of 4186.72 US dollars, down 0.02% (0.9) since yesterday. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 6th for the day in terms of price change relative to yesterday. The daily price chart of S&P 500 below illustrates.

SPX

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. The clearest trend exists on the 30 day timeframe, which shows price moving up over that time. Or to view things another way, note that out of the past 30 days S&P 500’s price has gone up 16 them. Also, candlestick traders! Note we see pin bar pattern appearing here as well.