SPX ends the day indecisive


S&P 500 Index (SPX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
Traders officially love to sell SPX against 2789.06 level
SPX closes below its opening price unable to hold early session gains
SPX stuck within tight trading range
SPX closes within previous day's range after lackluster session
SPX ends the day indecisive
TQ Sentiment
Report Sentiment: 22% Bearish
Technical Forecast:
Overview

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.

Daily chart for SPX
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

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.

Conclusion

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
Condition Forecast Direction Win Avg Worst Best Events
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
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Latest Report:

SPX surges 0.7% closing $19.83 higher

Aug 14, 2018
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when S&P 500 Index traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Signup
Equity Indices Top Movers
NATGAS 2.9550.029 0.99%
SPX 2,841.7619.83 0.70%
NDX 7,449.8648.69 0.66%
INDU 25,326.05138.35 0.55%
ASX 6,329.0029.40 0.47%
CAC 5,403.41-8.91 -0.16%
TBOND 143.875-0.344 -0.24%
GBPUSD 1.2722-0.0043 -0.34%
FTSE 7,611.64-30.86 -0.40%
EURUSD 1.1344-0.0065 -0.57%
Start your day with the facts moving the markets
By clicking "Subscribe", you agree to our terms and privacy policy.

Related Equity Indices

NASDAQ100 10 day candlestick chart for NASDAQ1007,462.00 43.50
0.59%
DOW30 10 day candlestick chart for DOW3025,316.0 92.0
0.36%
SPX 10 day candlestick chart for SPX2,841.76 19.83
0.70%
INDU 10 day candlestick chart for INDU25,326.05 138.35
0.55%
NDX 10 day candlestick chart for NDX7,449.86 48.69
0.66%
IXIC 10 day candlestick chart for IXIC7,870.89 51.18
0.65%
RTY 10 day candlestick chart for RTY1,692.58 17.26
1.03%
VIX 10 day candlestick chart for VIX13.31 -1.47
-9.95%
FTSE 10 day candlestick chart for FTSE7,611.64 -30.86
-0.40%
DAX 10 day candlestick chart for DAX12,358.87 0.13
0.00%