S&P 500 Does it Again: Heads Down for the 4th Straight Day

News Releases Impacting S&P 500

  • Forecasted PPI MoM in United States: 0.8%. The previous number: 0.5%. (60% difference between the two.)

The Daily View for S&P 500

  • Currently, SPX’s price is down -151.23 (-3.88%) 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.
  • As for the trend on the daily timeframe, we see the clearest trend 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

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