The Hourly View for SPX
Last Updated May 3, 2021, 02:018 GMT
At the time of this writing, S&P 500’s price is down -4.51 (-0.11%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as S&P 500 has now gone up 4 of the past 5 hours. 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 S&P 500. Given that we see an uptrend on the 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, so that price is now turning below it. 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 4181.17 US dollars, down 0.72% (30.3) since the day prior. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 7th for the day in terms of price change relative to the day prior. The daily price chart of S&P 500 below illustrates.
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 down 6 out of the past 10 days.