S&P 500 (SPX) Down 0.05%; Price Base in Formation Over Past 30 Days

The Hourly View for SPX

Last Updated June 2, 2021, 03:018 GMT

At the moment, S&P 500’s price is down -0.25 (-0.01%) from the hour prior. The hourly chart shows that S&P 500 has seen 2 straight down hours. Regarding the trend, note that the strongest trend exists on the 20 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on S&P 500. Given that we see downtrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. 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 is down 0.05% (2.07) since the previous day, marking a reversal from the day prior — and the end of a 3 day positive run. Relative to other instruments in the equity indices asset class, S&P 500 ranked 11th since the previous day in terms of percentage price change. Here 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. 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. For additional context, note that price has gone up 15 out of the past 30 days.