S&P 500 Trend May Be Changing as Price Just Breached Above Its 100 Day Moving Average

News Releases Impacting S&P 500

  • Forecasted ISM Non-Manufacturing PMI in United States: 53.5.. The previous number: 55.3.. (3.25% difference between the two.)

The Daily View for S&P 500

  • Currently, SPX’s price is down -27.44 (-0.67%) from the day prior.
  • The daily chart shows that S&P 500 has seen 2 straight down days.
  • Regarding the trend, note that the strongest trend exists on the 50 day timeframe.
  • Most noteworthy in the world of moving averages on the daily chart is that the 100 day moving average has been crossed, with price now being below it. The moving averages on the daily 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.
  • Divergence between SPX’s price and its RSI may be manifesting. As such, be on the lookout for trend reversal in SPX’s price.

Below is a daily price chart of S&P 500.


Featured S&P 500 Idea From TradingView

Below is a trading comment entitled How To Create Your Own Trading Strategy you may find interesting:

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