S&P 500 May Be Offering a Trading Opportunity With Its Cross Above Its 200 Moving Average

News Releases Impacting S&P 500

  • Forecasted Core Inflation Rate YoY in United States: 6.6%. The previous number: 6.4%. (3.12% difference between the two.)

The Daily View for S&P 500

  • At the moment, SPX’s price is down -43.97 (-0.97%) 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.
  • Most noteworthy in the world of moving averages on the daily chart is that the 200 day moving average has been crossed, 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.
  • 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 Nvidia must hold this Key level to recover. you may find interesting:

Nvidia gapped down 3.84% on Wednesday and was falling an additional 3% at one point intraday in sympathy with the S&P 500, which also gapped down and continued to decline heading into the release of the Federal Reserve’s decision on its monetary policy at 2 p.m.For technical traders the lower prices likely didn’t come as a surprise because on March 29 the stock topped out at the $289.46 level, printed a bearish hanging man candlestick and entered into a downtrend.A downtrend occurs when a stock consistently makes a series of lower lows and lower highs on the chart.The lower lows indicate the bears are in control while the intermittent lower highs indicate consolidation periods. Traders can use moving averages to help identify an uptrend with descending lower timeframe moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term downtrend and descending longer-term moving averages (such as the 200-day simple moving average) indicating a long-term downtrend.A stock often signals when the lower low is in by printing a reversal candlestick such as a doji, bullish engulfing or hammer candlestick. Likewise, the lower high could be signaled when a doji, gravest…

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