S&P 500 Just Breached This Major Moving Average Level

News Releases Impacting S&P 500

  • Forecasted ISM Non-Manufacturing PMI in United States: 54.3.. The previous number: 55.9.. (2.86% difference between the two.)

The Daily View for S&P 500

  • At the moment, SPX’s price is up 6.06 (0.16%) from the day prior.
  • This is a reversal of the price action on the previous day, in which price moved down.
  • Regarding the trend, note that the strongest trend exists on the 100 day timeframe.
  • Regarding moving averages, it should first be noted that price has crossed the 20 day moving average, resulting in them with price now being above it. 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 EUR/USD Plummets To Two-Decade Lows Amid Recession Fears you may find interesting:

The EUR/USD pair plummeted on Tuesday and hit its lowest level in 20 years, as the greenback soared across the board on a bout of risk aversion. Concerns remain the same. Stagflation fears are haunting investors that continue to seek shelter in the US dollar.The EUR/USD broke through May low of 1.0349 and the 1.0300 psychological level to hit its lowest level since 2002 at 1.0235. At the time of writing, the pair is trading around 1.0265, recording a 1.5% daily loss.Weighing on the euro, S&P Global published the final readings of the EU Services and Composite PMIs for June, which showed growth slowed to a 16-month low.Against the risk-off backdrop, Treas…

Alex_Boltyan_FXAnalyst