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

News Releases Impacting S&P 500

  • Forecasted New Home Sales in United States: 0.75.. The previous number: 0.763.. (1.7% difference between the two.)

The Daily View for S&P 500

  • At the time of this writing, SPX’s price is down -22.89 (-0.58%) from the day prior.
  • This is the 2nd day in a row S&P 500 has seen its price head down.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 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 downtrend 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 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.


Featured S&P 500 Idea From TradingView

Below is a trading comment entitled Is it over for Tesla? you may find interesting:

Is breaking 6 what is up next for Tesla in the weeks ahead? Will Elon go on a rant about this too? With car companies like Genesis coming out with a pretty slick looking electric car, Range Rover jumping in, Mercedes, Porsche and all the common car companies jumping on board, I just do not see Tesla lasting. The innovator, absolutely, but a car that is pretty much a bench with a tablet screen and steering wheel, will…