S&P 500 (SPX) Moves Down For the 2nd Straight Day; in an Uptrend Over Past 14 Days

The Hourly View for SPX

Last Updated November 19, 2020, 02:018 GMT

At the time of this writing, SPX’s price is up 7 (0.2%) 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. Price action traders may also wish to note that we see a doji candlestick pattern on SPX. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 came into today down 1.16% (41.74) from the open of the day prior, marking the 2nd straight day a decline has happened. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 12th for the day in terms of price change relative to the day prior. Here is a daily price chart of S&P 500.

SPX

S&P 500 Technical Analysis

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 8 out of the past 14 days.

Overheard on Twitter

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

  • From WSBConsensus:

    Bitcoin prices have gained nearly 150% so far this year, with Bitcoin futures trading on the CME Group seeing a similar rise. YTD Returns Bitcoin ( $BTC ) 146%
    Nasdaq ( $COMP ) 33%
    Gold ( $GLD ) 24%
    S&P 500 ( $SPX ) 12%
    Dow Jones ( $DJIA ) 4.7%#Bitcoin IS KING.

  • From UniqueTrades:

    For any aspiring traders that want to learn market context thru valuable price actionChallenge yourself👇Track the S&P 500 for 1 year in real-time using only 5 simple levelsPrior day’s high,low,close
    Prior week’s high+lowYou will learn and see things✅$ES #ES_F $SPX

  • From ArttofInvesting:

    Being in the S&P 500 does NOT make you diversified. You and 50 million other people all have your money in the same place. $SPX

  • From israel_massa:

    $SPX $SPY | Credit Suisse Sees S&P 500 At 4050 By End Of 2021

  • From DeItaone:

    U.S. STOCKS EXTEND FALL, S&P 500 .SPX DOWN 1.00 PCT

  • From breakingmkts:

    U.S. STOCKS EXTEND FALL, S&P 500 .SPX DOWN 1.00 PCT

  • From Better_Trader:

    We are looking to sell S&P 500 $SPX #ES_F