S&P 500 (SPX) 2 Day Down Streak Ended, in an Uptrend Over Past 14 Days; Morning Star Pattern Appearing on Chart

The Hourly View for SPX

Last Updated March 25, 2021, 00:019 GMT

At the moment, S&P 500’s price is up 4.26 (0.11%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. As for the trend on the hourly timeframe, we see the clearest trend on the 50 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

The choppiness in the recent daily price action of S&P 500 continues; to start today, it came in at a price of 3940.59 US dollars, up 0.7% (27.49) since the previous day. Relative to other instruments in the equity indices asset class, S&P 500 ranked 3rd since the previous day in terms of percentage price change. Below is a daily price chart of S&P 500.


S&P 500 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 30 days S&P 500’s price has gone down 16 them. As for those who trade off of candlesticks, we should note that we’re seeing morning star pattern appearing here.