S&P 500 is Down for the 2nd Day in a Row

News Releases Impacting S&P 500

  • Forecasted Personal Income MoM in United States: 0.5%. The previous number: 0.4%. (25% difference between the two.)

The Daily View for S&P 500

  • At the moment, SPX’s price is down -78.56 (-2.01%) from the day prior.
  • This is the 2nd day in a row S&P 500 has seen its price head down.
  • As for the trend on the daily timeframe, we see the clearest trend on the 50 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

Below is a trading comment entitled GOLD: NEWS AND PRICE ACTION ANALYSIS | NEXT TARGET SHORT IDEA đź”” you may find interesting:

Gold Price Forecast: XAU/USD eyes further downside towards $1,800, Fed Chair Powell in focusGold bounces off weekly/daily low but stays pressured during three-day downtrend.Fears of inflation/recession weigh on prices, headlines concerning China, market’s inaction probe bears.US Q1 2022 PCE details, central bankers’ panel discussion at the ECB Forum will be crucial for fresh impulse.Gold Price (XAU/USD) remains on the back foot around $1,820, despite the recent bounce from intraday low. In doing so, the yellow metal prints a three-day downtrend as traders await the week’s key data/events amid a sluggish Asian session on Wednesday.The bullion prices refreshed their weekly bottom on breaking a short-term symmetrical triangle the previous day as market sentiment soured amid recession/inflation fears. However, cautious optimism surrounding China seems to challenge the gold sellers of late.“China will halve to seven days its COVID-19 quarantine period for vis…

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