S&P 500 (SPX) Makes Big Move Relative to Two Week Trend, Down 0.54%; Eyes 20 Day Average

The Hourly View for SPX

Last Updated June 17, 2021, 02:018 GMT

At the time of this writing, S&P 500’s price is up 4.5 (0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move 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 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

S&P 500 closed the previous day down 0.54% (22.89); this denotes the 2nd consecutive day it has gone down. Relative to other instruments in the equity indices asset class, S&P 500 ranked 10th 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 90 day timeframe, which shows price moving up over that time. For another vantage point, consider that S&P 500’s price has gone up 8 of the previous 14 trading days.