S&P 500 (SPX) Moves Down For the 2nd Day In A Row

The Hourly View for SPX

Last Updated November 27, 2020, 01:05 GMT

Currently, SPX’s price is up $1 (0.03%) from the hour prior. This move is a reversal from the hour prior, which saw price move down. Regarding the trend, note that the strongest trend exists on the 50 hour timeframe. Price action traders may also wish to note that we see a pin bar candlestick pattern on SPX. Given that we see downtrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting. Of note is that the 200 hour changed directions on SPX; it is now pointing up. The moving averages on the hourly 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.

S&P 500 Daily Price Recap

S&P 500 is down 0.13% (4.65) since the previous day, marking the 2nd day in a row a decline has happened. Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 9th for the day in terms of price change relative to the previous day. Let’s take a look at the daily price chart of S&P 500.


S&P 500 Technical Analysis

Volatility for S&P 500 has been contracting over the past two weeks relative to volatility over the past month. Whether volatility reverts will be something to watch. The clearest trend exists on the 14 day timeframe, which shows price moving up over that time. For additional context, note that price has gone up 7 out of the past 14 days.

Overheard on Twitter

Over on Twitter, here were the top tweets about S&P 500:

  • From SJD10304:

    1.5 trading days left in November and we’re on pace to close the month higher by double digits and at a new ATH. We’ve seen that exactly 1 other time over the last 70 years for the S&P 500:November 1980.Of course. $spx (Do not want)

  • From RasVasilisin:

    This week in Markets:S&P 500 $SPY $SPX: All-Time High
    Dow $DJIA $DIA: All-Time High, first time above $30k
    Nasdaq $QQQ $NDX: Almost All-Time High
    Russell 2000: All-Time High
    Wilshire 5000: All-Time High
    #Bitcoin: Almost All-Time High

  • From RagnarFo:

    Tesla with its 584% May very well enter the #spx500 AS No.1 and END the year AS the big S&P 500 winner

As for a news story related to S&P 500 getting some buzz:

Search Results for “S&P 500” – ISABELNET

Image: Real Investment Advice Cumulative Advance-Decline Line for the S&P 500 Index The cumulative advance-decline line for the S&P 500 Index could suggest further upside for stocks….S&P 500 Index The Truck Tonnage Index decreased 6.3% in October.