This is a reversal of the price action on the previous hour, in which price moved up.
Relative to other instruments in the equity indices asset class, s&p 500 ranked 5th since the day prior in terms of percentage price change.
If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.
Regarding the trend, note that the strongest trend exists on the 100 hour timeframe.
This is the 2nd straight hour s&p 500 has seen its price head up.
It’s been a feast for bulls operating on an hourly timeframe, as s&p 500 has now gone up 4 of the past 5 hours.
For another vantage point, consider that s&p 500’s price has gone up 5 of the previous 10 trading days.
For additional context, note that price has gone up 16 out of the past 30 days.
It’s been a feast for bulls operating on an hourly timeframe, as s&p 500 has now gone up 8 of the past 10 hours.
Price action traders may also wish to note that we see a pin bar candlestick pattern on s&p 500.