S&P 500 (SPX) Moves Down For the 5th Consecutive Day, in an Uptrend Over Past 90 Days; is Inching Close to 20 Day Average

The Hourly View for SPX

Last Updated February 23, 2021, 23:18 GMT

At the time of this writing, S&P 500’s price is up 3 (0.08%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as S&P 500 has now gone up 4 of the past 5 hours. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe. Regarding moving averages, it should first be noted that price has crossed the 50 hour moving average, resulting in them with price now being above it. The moving averages on the hourly timeframe suggest a bullishness in price, as the 20, 50, 100 and 200 are all in a bullish alignment — meaning the shorter durations are above the longer duration averages, implying a sound upward trend.

S&P 500 Daily Price Recap

S&P 500 closed the day prior down 0.77% (30.21); this denotes the 5th consecutive day a decrease has occurred. Relative to other instruments in the equity indices asset class, S&P 500 ranked 10th since the day prior in terms of percentage price change. Below is a daily price chart of S&P 500.

SPX

S&P 500 Technical Analysis

The clearest trend exists on the 90 day timeframe, which shows price moving up over that time. For another vantage point, consider that S&P 500’s price has gone up 16 of the previous 30 trading days.