SPX runs into sellers again around 2909.51

S&P 500 Index (SPX) Technical Analysis Report for Apr 22, 2019 | by Techniquant Editorial Team


SPX rises to highest close since October 3, 2018
SPX dominated by bulls lifting the market higher throughout the day
SPX closes higher for the 2nd day in a row
SPX runs into sellers again around 2909.51
SPX still stuck within tight trading range


Moving higher for the 2nd day in a row, SPX ended Monday at 2907.97 gaining $2.94 (0.1%). Today's close at 2907.97 marks the highest recorded closing price since October 3, 2018. The bulls were in full control today, moving the market higher throughout the whole session. 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 22, 2019):

Daily technical analysis candlestick chart for S&P 500 Index (SPX) as at Apr 22, 2019

Monday's trading range has been $13.16 (0.45%), that's below the last trading month's daily average range of $17.46. 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 2891.90 and 2918.00 where it has been caught now for the whole last trading week.

Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on March 21st, SPX lost -1.90% on the following trading day.

After having been unable to move above 2908.40 in the prior session, S&P 500 ran into sellers again around the same price level today, missing to move higher than 2909.51.

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

Buying could speed up should prices move above the close-by swing high at 2918.00 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 2891.90 where further sell stops might get activated. 2018's high at 2940.91 is within reach and we could see further upside momentum should the S&P manage to break out beyond.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for S&P 500. Out of 61 times, SPX closed higher 55.74% 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 68.85% with an average market move of 0.16%.

With two out of the other three Major World Indices closing higher today, the ones that stand out on the positive side are NDX gaining 0.31% and NKY closing 0.08% higher. On the flipside the worst performer has been DJIA closing -0.18% lower. Read more

Market Conditions for SPX as at Apr 22, 2019

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