S&P 500 (SPX) Up 0.56%

The Hourly View for SPX

Last Updated November 24, 2020, 01:05 GMT

At the moment, SPX’s price is up $3 (0.08%) from the hour prior. It’s been a feast for bulls operating on an hourly timeframe, as SPX has now gone up 4 of the past 5 hours. Regarding the trend, note that the strongest trend exists on the 100 hour timeframe. Price action traders may also wish to note that we see a doji candlestick pattern on SPX. Given that we see an uptrend on the 10 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 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 entered today at 3577.59, up 0.56% ($20.05) from the previous day. Relative to other instruments in the equity indices asset class, S&P 500 ranked 4th 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

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. Or to view things another way, note that out of the past 30 days S&P 500’s price has gone up 15 them.

Overheard on Twitter

Behold! Here are the top tweets related to S&P 500:

  • From EliteOptions2:

    Good morning!$SPX setting up to test 3588, if it breaks above it can run to 3619+$TSLA gapping above 500, if it can defend 500 it can move back to 508-511.. TSLA getting added to S&P 500 on Dec 21st.. lets see if it can start to run into DecemberGood luck everyone! 😁

  • From RealDaxTrader1:

    The S&P 500 is 7.17% above its 125-day average. This is further above the average than has been typical during the last two years and indicates greed on the part of investors.#SPX #trading

  • From TampaWINNER:

    @TheStalwart That’s interesting 🤔 since the S&P 500 $SPX $SPY #SPX #SPY has 11 sectors and they don’t match that on Bloomberg .. my source is @eduWallStreet