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

News Releases Impacting S&P 500

  • Forecasted Non Farm Payrolls in United States: 391. The previous number: 431. (9.28% difference between the two.)

The Daily View for S&P 500

  • At the time of this writing, SPX’s price is up 124.69 (2.99%) from the day prior.
  • S&P 500 has seen its price go up 4 out of the past 5 days, thus creating some compelling opportunities for bulls.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 50 day timeframe.
  • Of note is that the 50 day changed directions on SPX; it is now pointing up. 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 ✈️ BITCOIN TAKES ON THE FED’S HIKE! ✈️ you may find interesting:

Alright, I won’t waste your time so let’s just dig into this Important read and get going to what matters and what’s going on! BTC was trading higher on Wednesday, as bulls re-entered the market before the Federal Reserve’s rate hike decision alongside the S&P 500 INDEX which are both experiencing this relatively large impulse movement and positive flow following the Fed’s percent hike of half a percentage being the biggest hike in two decades as they seek to combat Inflation more aggressively signaling a market that could have perhaps found a bottom if bulls manage to sustain that pressure. Bounce In my last Idea which is linked below we called Bitcoin’s short before it had it’s dramatic drop down to $37,500 after which then we saw it just manage to break through to the $39,000 level before it slowly swooshed like a basketball back down to $37,500 before finding support once again and bouncing off it again as a Basketball does off the rebound. Alongside that rebound we’ve seen Bulls keep the pressure in not only Crypto but the Market as well with much of the Market rebounding off of the Quarter’s low. Support Sometimes I wonder whether or not we are looking at real movement or simply whales/market makers taking advantage of the situation. I mean you take a look at the months chart alone and you can see how many time’s we’ve moved perfectly between 37-40k bouncing up and down every time with whales accumulating a larger piece of the pie with every move. So it’s always super interesting to see moments like this where we see these huge runups out of seemingly nowhere. But it happens though, ‘just when you think the market’s gonna give in, it puts it’s fist up and give’s a real fight’. I’m happy to see this support and time after time we see Bitcoin bounce back up with a real fight. I know many will keep or remain Bearish on crypto, for now at least. But personally, this month we’ve seen Bitcoin fight back so many times when Bulls could have just given up and let thinks plummet but our community is too good to give in. I’m long on Bitcoin and I’m looking forward to a positively good summer! The Mountain I love using the expression of mountains for the market as it honestly is a collage of mountain’s being all the ups and downs we constantly experience which are simply a part of the fun. Once a…

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