S&P 500 (SPX) Down $10 On 4 Hour Chart, Came Into Today Up For the 3rd Day In A Row; Price Base in Formation Over Past 14 Days

S&P 500 4 Hour Price Update

Updated July 02, 2020 11:13 PM GMT (07:13 PM EST)

S&P 500’s 7 four-hour candle positive streak has officially concluded, as the candle from the previous 4 hours closed down 0.32% (10). Out of the 8 instruments in the 8 major global equity indices asset class, S&P 500 ended up ranking 5th 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 came into today up 0.5% (15.57) from the open of the day prior, marking the 3rd day in a row it has gone up. Relative to other instruments in the 8 major global equity indices asset class, S&P 500 ranked 3rd since the day prior in terms of percentage price change. Here is a daily price chart of S&P 500.

S&P 500 Technical Analysis

First things first: S&P 500 crossed above its 20 day moving average yesterday. The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that S&P 500’s price has gone up 10 of the previous 14 trading days.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to S&P 500 for the past day were:

  • From callieabost:

    I’ll spare you the quarter-end takes (because I don’t have any that haven’t already been said 😂), and toss you a summer stat.The last 8 times the S&P 500 has closed up in June (like it did this month), $SPX was higher at the end of September (average return of +5.3%)

  • From callieabost:

    Tech stocks are making the rest of the market look silly.The Nasdaq Composite closed at another record high today, while the S&P 500 closed 8% below its own. That’s the furthest $SPX has been from a record on a Nasdaq Comp record high day since Jan. 1980.

  • From callieabost:

    Also worth noting that June 2020 was the most volatile June in some time for the S&P 500.$SPX moved an average of 1.3% each day this month, the biggest moves in a June since at least 1950.Higher volumes = higher volatility in this case.