S&P 500 Does it Again: Heads Up for the 3rd Straight Day

The Daily View for S&P 500

  • At the time of this writing, SPX’s price is up 36.21 (0.83%) from the day prior.
  • It’s been a feast for bulls operating on the daily timeframe, as S&P 500 has now gone up 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 50 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 100 and 20 day moving averages have been crossed, so that price is now turning above them. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.
  • 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 Apple Reversal sign, Falling Wedge you may find interesting:

Hello everyone, as we all know the market action discounts everything 🙂 _________________________________Make sure to Like and Follow if you like the idea_________________________________ The Apple stock turned Bearish back on September 8, The value of the stock was in the 157.13 zone and dropped and hit 138.40 yesterday almost a 12% drop in a short period of time.AAPL has an average volume of 77287300. This is a good sign as it is always nice to have a liquid stock.It seems that the stock is trading in a Falling wedge pattern which indicates a reversal soon, (Falling wedge in a downtrend is a sign of a Bullish reversal)the stock right now is trading at 142.00 with different technical indicators showing a bearish short-term trend but a Bullish long-term trend, It is expected that the market will turn Bullish as soon as the market breakout of the falling wedge pattern.Possible Scenario for the market :The stock is trending at 142.00 today, if the bearish trend continues then we will see the stock price reach the $138 level or even the $132 before breaking out of the wedge pattern, where the trend will pick up an…

GabiDahdouh