S&P 500 (SPX) Down 0.37%; Price Base in Formation Over Past 30 Days

The Hourly View for SPX

Last Updated June 1, 2021, 02:018 GMT

Currently, S&P 500’s price is down -1.26 (-0.03%) from the hour prior. S&P 500 has seen its price go up 4 out of the past 5 hours, thus creating some compelling opportunities for bulls. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Of note is that the 50 hour changed directions on SPX; it is now pointing down. 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 is down 0.37% (15.51) since the day prior, marking a reversal from the day prior — and the end of a 4 day positive run. Relative to other instruments in the equity indices asset class, S&P 500 ranked 8th 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

The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. Price action traders in particular will want to note that the 30 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. Or to view things another way, note that out of the past 14 days S&P 500’s price has gone up 8 them.