S&P 500 (SPX) Up 0.27%, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated May 4, 2021, 04:018 GMT

Currently, S&P 500’s price is up 0.25 (0.01%) from the hour prior. This is the 2nd straight hour S&P 500 has seen its price head up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 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 downtrend on the 20 and 10 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 choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

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 4192.66 US dollars, up 0.27% (11.49) since the previous day. Relative to other instruments in the equity indices asset class, S&P 500 ranked 7th since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of S&P 500.

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 14 days S&P 500’s price has gone up 7 them. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!