S&P 500 (SPX) Heads Up For the 2nd Day In A Row

The Hourly View for SPX

Last Updated January 4, 2021, 02:018 GMT

At the time of this writing, S&P 500’s price is up 7.26 (0.19%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved down. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on S&P 500. Given that we see an uptrend on the 20 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. The moving averages on the hourly 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.

S&P 500 Daily Price Recap

S&P 500 came into today up 0.64% (24.03) from the open of the previous day, marking the 2nd day in a row it has gone up. Relative to other instruments in the equity indices asset class, S&P 500 ranked 3rd since the previous day in terms of percentage price change. Let’s take a look at the daily price chart of S&P 500.

SPX

S&P 500 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 90 day horizon; over that time period, price has been moving up. For another vantage point, consider that S&P 500’s price has gone up 6 of the previous 10 trading days.