S&P 500 Does it Again: Heads Down for the 2nd Straight Day

News Releases Impacting S&P 500

  • Forecasted Michigan Consumer Sentiment Prel in United States: 64. The actual number: 59.1. (8.29% difference between the two.)

The Daily View for S&P 500

  • At the moment, SPX’s price is down -5.1 (-0.13%) from the day prior.
  • It’s been a feast for bears operating on the daily timeframe, as S&P 500 has now gone down 4 of the past 5 days.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 100 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 this is what i’m thinking now regarding btc over the summer you may find interesting:

Luna: i don’t want to talk about it, everyone talks about it, but i will say if this was the main catalyst for us to reach this level(i’m obviously taking into account the spx and the general market moving in the same direction) then the forced seller is out of the market for now and that could be cause for a rally, which if you’ve gotten used to shorting for a while, you might want to take this one seriously so you don’t end up giving back too much of your gains. Taking into account the levels Cobie talked about that are nearest to us, I feel like it’s a…

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