S&P 500 (SPX) Up 0.07%, in an Uptrend Over Past 90 Days; is Inching Close to 20 Day Average

The Hourly View for SPX

Last Updated May 6, 2021, 03:018 GMT

At the time of this writing, S&P 500’s price is down -10.27 (-0.25%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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 back and forth price flow continues for S&P 500, which started today off at 4167.59 US dollars, up 0.07% (2.93) from the day prior. Relative to other instruments in the equity indices asset class, S&P 500 ranked 9th since the day prior in terms of percentage price change. Below is a 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 90 day horizon; over that time period, price has been moving up. For additional context, note that price has gone up 5 out of the past 10 days.