S&P 500 Came Into Today Down -0.39%

News Releases Impacting S&P 500

  • Forecasted Retail Sales MoM in United States: 0.9%. The previous number: 0.5%. (80% difference between the two.)

The Daily View for S&P 500

  • Currently, SPX’s price is down -15.88 (-0.39%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 day 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 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily 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.
  • Divergence between SPX’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in SPX’s price.

Below is a daily price chart of S&P 500.


Featured S&P 500 Idea From TradingView

Below is a trading comment entitled Tesla to 600 and then 900 you may find interesting:

So what’s going on Tesla??Either you are short term or long term trader, if you end up reading my post that means most likely you are interested in Tesla like me and also probably you also have a doubt in the direction where it can go from here on.With tesla, one thing I have learned, this stock responds to technical levels (fib levels) that make the life easier. But if you put your emotions into it then Tesla will beat you hard. So no emotions pleaseNow Red is monthly fib, weekly fib is in Blue and short term fib is in Pink.I am forecasting it to 624 to be precise and today we are 724 below weekly fib level 78.6%. Last week low was 680. Just notice the yellow circle…