S&P 500 (SPX) Down 2.14%, in an Uptrend Over Past 90 Days; Nears 50 Day Moving Average

The Hourly View for SPX

Last Updated May 14, 2021, 00:018 GMT

Currently, S&P 500’s price is up 4.26 (0.1%) 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 20 hour timeframe. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

S&P 500 Daily Price Recap

S&P 500 came into today down 2.14% (89.06) from the open of the day prior, marking the 3rd straight day a decline has happened. Relative to other instruments in the equity indices asset class, S&P 500 ranked 12th 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

Trend traders will want to observe that the strongest trend appears on the 90 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 7 of the previous 14 trading days.