S&P 500 Does it Again: Heads Up for the 8th Straight Day

News Releases Impacting S&P 500

  • Forecasted PPI MoM in United States: 0.6%. The actual number: 0.6%. (0% difference between the two.)

The Daily View for S&P 500

  • At the moment, SPX’s price is up 4.17 (0.09%) from the day prior.
  • S&P 500 has seen its price go up 12 out of the past 14 days, thus creating some compelling opportunities for bulls.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
  • Price action traders may also wish to note that we see a pin bar candlestick pattern on S&P 500. Given that we see an uptrend on the 20, 10 and 5 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
  • The moving averages on the daily timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward 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 Facebook | Meta |Fundamental Analysis | MUST READ ! ! ! 🔔 you may find interesting:

Social media titan Facebook, now Meta Platforms, has recently been in the midst of a whistleblower scandal. A former employee made allegations against the company. This drama is just the latest development for Meta, which has become a lightning rod for debate.Investors may be seeking to figure out if the company’s best days are over, particularly as Facebook’s platform becomes less and less popular with younger users. Let’s try to look away from the noise to see if Meta is a smart investment today.The company is under pressure after Frances Haugen made allegations about the way the company does business. According to the whistleblower, the company’s algorithms encourage the distribution of sensational, misleading, and controversial content that is useful for engagement but likely harmful to users.Haugen also cited leaked research showing that Instagram, one of Meta’s platforms, harms the mental health of young users. One study found that suicidal thoughts increased among teenage girls in the U.K. after using Instagram, and another study found that it contributes to eating disorders. These findings have prompted intense examination from politicians, who are asking for regulation of how Meta does business. Regulators have a lot of power and can do all sorts of things to the company, up to and including its complete collapse.Meta is also a pioneer in the social media industry; its FB app is one of the oldest platforms in use today. Over time, Facebook’s popularity among younger users has declined, ceding the lead to apps like Snap and TikTok. While Meta’s Instagram platform is still popular, it’s fair to question whether Meta is on the decline.If we pay attention to the company’s results, Meta proves…

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