S&P 500 (SPX) Down 0.08%, in an Uptrend Over Past 90 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated April 29, 2021, 03:018 GMT

At the moment, S&P 500’s price is down -1.5 (-0.04%) from the hour prior. S&P 500 has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. As for the trend on the hourly timeframe, we see the clearest trend on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on S&P 500. Given that we see an uptrend 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 bearishness in price, as the 20, 50, 100 and 200 are all in a bearish alignment — meaning the shorter duration moving averages are below the longer duration averages, implying a stable downward trend.

S&P 500 Daily Price Recap

S&P 500 is down 0.08% (3.54) since yesterday, marking the 2nd straight day a decrease has occurred. Relative to other instruments in the equity indices asset class, S&P 500 ranked 11th since yesterday in terms of percentage price change. The daily price chart of S&P 500 below illustrates.

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 30 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 16 out of the past 30 days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.