S&P 500 Just Breached This Major Moving Average Level

News Releases Impacting S&P 500

  • Forecasted Durable Goods Orders MoM in United States: -0.5-.. The previous number: 1.6-.. (131.25% difference between the two.)

The Daily View for S&P 500

  • At the time of this writing, SPX’s price is down -55.37 (-1.23%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved up.
  • If you’re a trend trader, consider that the strongest clear trend on the daily chart exists on the 20 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 200 day moving average, resulting in them so that price is now turning below it. The moving averages on the daily timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Below is a daily price chart of S&P 500.

SPX

Featured S&P 500 Idea From TradingView

Below is a trading comment entitled CADJPY you may find interesting:

The top performing market is the Yen crosses which continue to soar despite ‘risk’ hesitation, but will Ukraine and monetary policy updates change that mix?Over the past few years, I’ve watched the various risk asset types that I track rise and fall depending on the general conditions. Throughout this course, the FX-based ‘dividend’ play in carry trade has established a more significant deviation from the traditional measures like global equities. That deviation was a more a disadvantage for carry for the most part…until recently. While we have seen a spurt of activity recently from the likes of the S&P 500, there has been a far more impressive charge for the Yen crosses as risk appetite, interest rate forecast and commodity inflation (a terms of trade drive against the Japanese currency) have traded their position at the wheel to push these pairs higher. The top performing…

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