S&P 500 (SPX) Up 0.68%, in an Uptrend Over Past 30 Days; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated April 30, 2021, 03:018 GMT

At the time of this writing, S&P 500’s price is down -2.26 (-0.05%) from the hour prior. It’s been a feast for bears operating on an hourly timeframe, as S&P 500 has now gone down 5 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 50 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 downtrend on the 5 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being below it. 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

4211.47 was the closing price of the day for S&P 500, resulting in today being one in which price moved up 0.68% ($28.29) from the day prior. Relative to other instruments in the equity indices asset class, S&P 500 ranked 4th since the day prior in terms of percentage price change. Let’s take a look at the daily price chart of S&P 500.

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. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving up. For another vantage point, consider that S&P 500’s price has gone up 5 of the previous 10 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.