The Daily View for S&P 500
- At the time of this writing, SPX’s price is down -37.31 (-0.86%) from the day prior.
- This move is a reversal from the day prior, which saw price move up.
- If you’re a trend trader, consider that the strongest clear trend on the daily chart exists 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 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.
Below is a daily price chart of S&P 500.
Featured S&P 500 Idea From TradingView
Below is a trading comment entitled The Bitcoin/SPX Ratio Presents A Possible Buy Signal you may find interesting:
This is a very simple chart, showing the ratio of Bitcoin price to the S&P 500 index. Historically, purchasing Bitcoin instead of buying into SPX has been a good idea near this yellow trendline, even if it drops below briefly, as it did during the COVID crash. You can observe that the break of the yellow downtrend in 2020 resulted in a massive period of outperformance for Bitcoin against legacy markets – with BTC outperforming SPX by roughly fivefold between October, 2020 and March, 2021.Right now, the ratio is testing the previous all-time high from the end of 2017. The same can be said for both the TOTAL crypto market cap, and the TOTAL2 market cap (minus Bitcoin). The altcoin market is a little more in danger here. https://www.tradingview.com/x/vQ5R0xn1/https://www.tradingview.com/x/0817433w/This is actually very interesting. Obviously, it means that anyone who bought $20k Bitcoin at the last peak isn’t doing better than had they stuck that same money into the S&P 500 index. Things seem to have reached an equilibriu…