S&P 500 (SPX) Down $12 On 4 Hour Chart, 4 Day Up Streak Broken; in an Uptrend Over Past 14 Days

S&P 500 4 Hour Price Update

Updated July 24, 2020 11:13 AM GMT (07:13 AM EST)

S&P 500 came into the current 4 hour candle down 0.37% (12) from the open of the previous 4 hours, marking the 2nd candle in a row a decline has happened. Out of the 8 instruments in the 8 major global equity indices asset class, S&P 500 ended up ranking 4th for the four-hour candle in terms of price change relative to the previous 4 hours.

S&P 500 Daily Price Recap

S&P 500 is down 1.23% (40.36) since the previous day, marking a reversal from the day prior — and the end of a 4 day positive run. Relative to other instruments in the 8 major global equity indices asset class, S&P 500 ranked 7th since the previous day in terms of percentage price change. The daily price chart of S&P 500 below illustrates.

S&P 500 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 9 out of the past 14 days.

Overheard on Twitter

Behold! Here are the top tweets related to S&P 500:

  • From qckisa:

    A crash-like rapid decline around 7-10% is likely, thereafter it may turn into a 15-20% decline with a trend break on S&P 500 Index, or around high 2900s to low 2800s at the moment, and it’s around a third to half way of the entire move since March lows on largecap indices. $SPX

  • From SethCL:

    $SPX S&P 500 has been higher annually 70% of the time since its genesis in 1926. Some 90% of Fintwit tweets propose reasons for the stock market’s near-term demise, pullback, correction etc. Fear-mongering is sexy on Fintwit, it attracts. I’ll take the 70% side of the trade. 😉

  • From stabilafonder:

    The S&P 500 SPX has already gained nearly 46% since putting in a recent low on March 23 in the wake of the coronavirus pandemic. The Dow DJIA has climbed by about 44%, while the technology-heavy Nasdaq COMP has surged 56% over the same period, FactSet data show.