S&P 500 (SPX) Heads Up For the 4th Straight Day, in an Uptrend Over Past 90 Days; Price Base in Formation Over Past 30 Days

The Hourly View for SPX

Last Updated May 31, 2021, 02:018 GMT

At the time of this writing, S&P 500’s price is down -1 (-0.02%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. As for the trend on the hourly timeframe, we see the clearest trend on the 100 hour timeframe. 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 closed the previous day up 0.14% (5.71); this denotes the 4th straight day an upward move has occurred. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 9th for the day in terms of price change relative to the previous day. Below is a daily price chart of S&P 500.

SPX

S&P 500 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. Or to view things another way, note that out of the past 10 days S&P 500’s price has gone up 6 them.