The Hourly View for SPX
Last Updated September 21, 2020, 12:57 GMT
At the moment, SPX’s price is down 0 (0%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on SPX. Given that we see downtrend on the 20 and 10 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 bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.
S&P 500 Daily Price Recap
S&P 500 closed the day prior down 1.12% (37.54); this denotes the 3rd day in a row a decline has happened. Relative to other instruments in the equity indices asset class, S&P 500 ranked 11th since the day prior in terms of percentage price change. Here is a daily price chart of S&P 500.
S&P 500 Technical Analysis
First things first: S&P 500 crossed below its 50 day moving average yesterday. Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving down. 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 down 6 them.
Overheard on Twitter
Over on Twitter, here were the top tweets about S&P 500:
- From mcm_ct:
I don’t know if you guys remember but I raise my target on S&P 500 $spx to 200,000 (multiplied by 1% important to do the math here) so I could be in the linear extrapolating cool kids club in some kind of spirit even if my target is still 2000
- From _DPone_:
Think that:”An equal-weight version of the S&P 500, where megacap hegemony is reduced, rose 0.7% this week, compared with the classic market-cap weighted S&P 500, which ended the week down 0.6%.”
$SPX $SPY $ES_F $ES #Markets #Stocks #USA
- From marketst0day:
S&P 500 IS UP +51.4% FROM ITS MARCH 23 LOW 🚀*THE BENCHMARK INDEX IS -7.5% BELOW ITS ALL-TIME HIGH 🚨*THE S&P IS UP +2.7% IN 2020 ⚠️$SPY
As for a news story related to S&P 500 getting some buzz:
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By Jesse Cohen
Investing.com – Stocks on Wall Street fell in another volatile session on Friday as the ongoing sell-off in the major technology shares dragged the major averages……Position added successfully to:
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