SPX’s Price May Be in A Downtrend, but RSI Suggests Caution

The Daily View for S&P 500

  • At the time of this writing, SPX’s price is down -6.82 (-0.15%) from the day prior.
  • S&P 500 has seen its price go down 13 out of the past 14 days, thus creating some compelling opportunities for bears.
  • If you’re a trader with a preference for rangebound markets, you may wish to note that there isn’t a clear trend on the 20, 50 and 100 day timeframes.
  • Price action traders may also wish to note that we see some doji and pin bar candlestick patterns on S&P 500. Given that we see downtrend on the 20 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 alert: Trend in SPX’s price and its RSI are diverging. SPX’s price is declining slower than its RSI.

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

SPX

Featured S&P 500 Idea From TradingView

Below is a trading comment entitled PFIZER: FUNDAMENTAL ANALYSIS + NEXT TARGET POINT ⚡️ you may find interesting:

As you know, Pfizer’s biggest product at the moment is the coronavirus vaccine, Comirnati. The company and its partner BioNTech expect it to bring in more than $33 billion this year.Meanwhile, Pfizer expects revenue from the coronavirus vaccine to account for 42% of the company’s total revenue. The vaccine is certainly one good reason to buy stock in this major pharmaceutical giant.But there is another reason to buy Pfizer stock, and it has nothing to do with the COVID-19 vaccine. It is important to remember that Pfizer has a huge number of commercialized products, including seven blockbuster drugs. Earlier this month, one of them received good news – news that should prompt us to take a closer look at this pharmaceutical company’s stock.Eliquis, the blood-thinning drug commercialized by Pfizer and its partner Bristol Myers Squibb, received a very important decision in the appeals court. The court upheld the original decision protecting the patents on this best-selling drug, including the drug’s composition and formula.This means that the generic drugmaker will not be able to enter the market with a competing drug until April 2028. Pfizer and Bristol Myers will probably file another appeal, but after two courts have already ruled in their favor, one can be optimistic about their case.This is great news for Pfizer, given the revenue generated from the sale of the drug Eliquis. Last year, Pfizer reported more than $4.9 billion in revenue from the alliance and direct sales of the drug Eliquis. That’s a 17% i…

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