S&P 500 (SPX) in an Uptrend Over Past 90 Days, Nears 20 Day Moving Average; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated June 18, 2021, 01:013 GMT

Currently, SPX’s price is down -2.01 (-0.05%) from the hour prior. This move is a reversal from the hour prior, which saw price move up. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. 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

S&P 500 came into today down 0.04% (1.84) from the open of the previous day, marking the 3rd consecutive day it has gone down. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 6th for the day in terms of price change relative to the previous day. 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. 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 another vantage point, consider that S&P 500’s price has gone up 8 of the previous 14 trading days. Also, candlestick traders! Note we see pin bar pattern appearing here as well.