SPX closes within prior day's range after lackluster session

S&P 500 Index (SPX) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team


SPX stuck within tight trading range
SPX closes within previous day's range after lackluster session


SPX ended Tuesday at 2907.06 gaining $1.48 (0.05%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (SPX as at Apr 16, 2019):

Daily technical analysis candlestick chart for S&P 500 Index (SPX) as at Apr 16, 2019

Tuesday's trading range has been $15.35 (0.53%), that's below the last trading month's daily average range of $20.84. 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. Prices continued to consolidate within a tight trading range between 2896.48 and 2916.06 where it has been caught now for the last three trading days.

Prices are trading close to the key technical support level at 2895.95 (S1).

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

Selling might speed up should prices move below the nearby swing low at 2896.48 where further sell stops could get activated. 2018's high at 2940.91 is within reach and we might see further upside momentum should the stock index manage to break out beyond.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for S&P 500. Out of 523 times, SPX closed higher 56.21% 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 62.91% with an average market move of 0.50%.

With six out of the other six Major World Indices closing higher today, the ones that stand out on the positive side are HSI gaining 1.07% and DAX closing 0.67% higher. None of the markets ended the day in the red. Read more

Market Conditions for SPX as at Apr 16, 2019

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