SPX finds buyers again around 2896.48

S&P 500 Index (SPX) Technical Analysis Report for Apr 15, 2019 | by Techniquant Editorial Team


SPX finds buyers again around 2896.48
SPX closes within previous day's range after lackluster session


SPX ended Monday at 2905.58 losing $1.83 (-0.06%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (SPX as at Apr 15, 2019):

Daily technical analysis candlestick chart for S&P 500 Index (SPX) as at Apr 15, 2019

Monday's trading range has been $13.12 (0.45%), that's below the last trading month's daily average range of $21.53. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SPX.

One bearish candlestick pattern matches today's price action, the Hanging Man.

After having been unable to move lower than 2898.37 in the prior session, S&P 500 found buyers again around the same price level today at 2896.48. The last time this happened on April 8th, SPX actually lost -0.61% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying might accelerate should prices move above the nearby swing high at 2910.54 where further buy stops could get activated. 2018's high at 2940.91 is within reach and we might see further upside momentum should the index manage to break out beyond.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for S&P 500. Out of 404 times, SPX closed higher 57.92% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 64.60% with an average market move of 0.39%.

With three of the other Major World Indices closing higher and three closing lower today, the winners of the day are NKY surging 1.37% and DAX gaining 0.17%. On the flipside the worst performers have been HSI closing -0.33% lower and DJIA losing -0.1%. Read more

Market Conditions for SPX as at Apr 15, 2019

Loading Market Conditions for SPX (S&P 500 Index)...
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