S&P 500 (SPX) Moves Up For the 3rd Day In A Row; Price Base in Formation Over Past 14 Days

S&P 500 Daily Price Recap

S&P 500 came into today up 3.15% ($90.21) from the open of the previous day, marking the 3rd day in a row an upward move has occurred. Out of the 8 instruments in the 8 major global equity indices asset class, S&P 500 ended up ranking 5th for the day in terms of price change relative to the previous day. Below is a daily price chart of S&P 500.

S&P 500 Technical Analysis

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. Also of note is that on a 14 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward. For another vantage point, consider that S&P 500’s price has gone up 7 of the previous 10 trading days.

Overheard on Twitter

For laughs, fights, or genuinely useful information, let’s see what the most popular tweets pertaining to S&P 500 for the past day were:

  • From BennettWoodman:

    We would like more active managers to perform like the committee that manages the S&P 500. A basket made up of companies [e.g. $CHK $RIG $M $BBBY $CPRI] that were dropped from the S&P 500 $SPX over the past 3 years is down 47% this year or 5x the decline of $SPY

  • From frandsen_paul:

    @EdgeCGroup Well said for anyone willing to listen. Most won’t. Wonder is this how things felt in 1929 before the #stockmarket eventually dropped a total of 87% over the following 2.5 years? Does #historyrepeat? Similar drop would put #SPX S&P 500 in the 400s some 33% lower than 2009 bottom

  • From TrackingMarket:

    Dont be angry! Since April 29, 2020, S&P 500 $SPY $SPX is only up 0.14%. Remember, intraday is just robot noise. 3% today, -5% over 5 days, its all BS. If you’re a premium seller, this is where the resistance is. Show me how bulls move 10% higher from here!

As for a news story related to S&P 500 getting some buzz:

S&P 500 Technical Analysis: US Stocks May Fall if H&S Pattern Holds

Note: Low and High figures are for the trading day.