News Releases Impacting S&P 500
- Forecasted JOLTs Job Openings in United States: 11. The actual number: 10.698. (2.82% difference between the two.)
The Daily View for S&P 500
- At the moment, SPX’s price is down -11.66 (-0.28%) from the day prior.
- This is a reversal of the price action on the previous day, in which price moved up.
- As for the trend on the daily timeframe, we see the clearest trend on the 50 day timeframe.
- Price action traders may also wish to note that we see a pin bar candlestick pattern on S&P 500. Given that we see an uptrend on the 20 and 10 daily candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.
- 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:
Sooner or later every trader comes to the understanding that he needs his own trading system. It is possible to use others’ forex strategies, but they should also be adjusted and suit to you: to your own trading style. In this lesson we will talk about the necessary components of a trading strategy (TS), why a trader needs it, and what questions should be asked when developing a system. What is a trading strategy? A trading strategy is a set of rules allowing to systematize trading, to give a trader a clear notion of when it is better to enter the trade, when it is better to exit it and when it is better to abstain from trading. Also, the system specifies the time and time frame for trading, currency pairs to use and the lot to trade. TS helps to switch off emotions and protect against their negative impact on trading. Why create your own TS? There are many ready-made trading systems on the market, both simple and quite complex and understandable only to professionals. Beginners, as a rule, start trading using ready-made TS, and not the most complex one. However, with time almost each of them understands that trading is really effective only with a strategy, developed personally, based on one’s own experience and preferences.Not always the TS is developed from scratch. Often (especially if it is the trader’s first experience in creation of a strategy) a ready-made system is taken and some changes are made to it: some indicators are added, parameters of already installed instruments are changed, etc.Regardless of whether the trader creates a strategy from scratch or modifies a ready-made one, it must be suitable for his/her character: scalping is unlikely to suit a thoughtful and rational person, while long-term trading is not suitable for other people due to their nature. Essential components of a trading strategy Each strategy must include certain points, which together will ensure the stability of trading:•Logical reasoning. This is the basic idea on which the trading strategy is built. It is the foundation on which all other components are based;•Currency pairs;•Timeframe and time of trade. •Rules of entry•Rules of exit. How stop-loss and take-profit are set;•Trading lot volume and risk limitation.•If all of these parameters are taken into consideration, you can start testing the strategy on a history or demo account. Timeframe The timeframe choice depends on the time the trader is ready to devote to trading. While on the daily charts, the formation of a candle takes a whole day, and therefore only a few minutes a day will be required to assess the situation and make a decision, on M1, everything changes every minute, and the trader will need to be constantly present in the trading terminal. The smaller is the timeframe, the more signals will be received and the bigger is the potential profit. However, not everyone has the opportunity to devote all the day to trading, and for working people the daily chart will be the best option.It is also believed that technical analysis works better on the daily charts than on the h…