S&P 500

If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 20 hour timeframe.

This move is a reversal from the hour prior, which saw price move down.

If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 50 hour timeframe.

Given that we see an uptrend on the 20 and 10 hourly candle timeframe, and that such candlestick patterns often denote reversals, this may be worth noting.

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.

Price action traders may also wish to note that we see a pin bar candlestick pattern on s&p 500.

Relative to other instruments in the equity indices asset class, s&p 500 ranked 6th since yesterday in terms of percentage price change.

This is a reversal of the price action on the previous hour, in which price moved down.

Out of the 14 instruments in the equity indices asset class, s&p 500 ended up ranking 9th for the day in terms of price change relative to the previous day.

Also of note is that on a 30 day basis price appears to be forming a base — which could the stage for it being a support/resistance level going forward.