S&P 500 Came Into Today Up 0.95%

News Releases Impacting S&P 500

  • Forecasted GDP Growth Rate QoQ 2nd Est in United States: -1.3-.. The previous number: 6.9-.. (118.84% difference between the two.)

The Daily View for S&P 500

  • Currently, SPX’s price is up 37.25 (0.95%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • 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.

SPX

Featured S&P 500 Idea From TradingView

Below is a trading comment entitled PYPL – Time To Buy The Bounce you may find interesting:

Indexes – specifically SPX and NDX look ripe for a bounce here and so I have scoured through many charts to find one that has an ideal setup for a bounce.And so I have chosen PYPL as my favourite and also ROKU as a second choice. There are a few others that I may cover – ADBE and WBD, but I probably won’t actually trade those.Anyhow PYPL is my favourite because – Its had an enormous 77% collapse. It has a clean 5 wave impulse with tidy fibonacci. The most relevant is the 0,1,2 1.618 extension which I think is the anchoring fib @ $81.34 and the short range fibs cluster in this area. 9 May weekly hammer and on on the daily there is a morning star candle pattern with gaps wither side. https://www.tradingview.com/x/1UPlSBP5/ The wick of the weekly hammer forms a shakeout reversal pattern through Oct ’18 support. Back to indexes and both NDX and SPX are hovering around their 1:1 extensions and if both close above they will close “green” for the first time since March top.https://www.tradingview.com/x/Sn5NblT6/And around the 1:1 fib, a wyckoff accumulation appears to be …

dRends35