S&P 500 (SPX) Down 0.66%; Pin Bar Pattern Appearing on Chart

The Hourly View for SPX

Last Updated January 12, 2021, 02:018 GMT

At the moment, S&P 500’s price is down -5.77 (-0.15%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. Regarding the trend, note that the strongest trend 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 so that price is now turning below it. 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

The end of a 4 day positive run has come for S&P 500, which finished the day prior down 0.66% (25.07). Out of the 14 instruments in the equity indices asset class, S&P 500 ended up ranking 8th for the day in terms of price change relative to the day prior. The daily price chart of S&P 500 below illustrates.


S&P 500 Technical Analysis

Trend traders will want to observe that the strongest trend appears on the 14 day horizon; over that time period, price has been moving up. Or to view things another way, note that out of the past 14 days S&P 500’s price has gone up 9 them. As for those who trade off of candlesticks, we should note that we’re seeing pin bar pattern appearing here.