SPX ends the day indecisive
SPX ended Thursday at 2782.49 gaining $6.86 (0.25%). Trading $5.85 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $12.54 (0.45%), that's below last trading month's daily average range of $17.90. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 2774.65 and 2791.47 which it has been in now for the last three days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 2774.65. S&P 500 was sold again around 2789.06 after having seen highs at 2791.47, 2789.80 and 2790.21 in the last three trading sessions. Obviously there is something going on at that level.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 2791.47 where further buy stops might get triggered. Selling could speed up should prices move below the close-by swing low at 2774.65 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for S&P 500 Index
|Close to R1 Resistance||TQ Pro Members Only|
|Strong Up Move||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
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