SPX pushes through Friday's high
S&P 500 Index (SPX) Technical Analysis Report for Jan 13, 2020 | by Techniquant Editorial Team
SPX ended Monday at 3288.13 surging $22.78 (0.7%). Today's close at 3288.13 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Friday's high at 3282.99, the S&P confirmed its breakout through the previous session high after trading up to $5.14 above it intraday.
Daily Candlestick Chart (SPX as at Jan 13, 2020):
Monday's trading range has been $19.70 (0.6%), that's slightly above the last trading month's daily average range of $16.73. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SPX.
Two candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on January 9th, SPX actually lost -0.29% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for S&P 500. Out of 754 times, SPX closed higher 53.71% 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 65.52% with an average market move of 0.37%.
With four out of the other five Major World Indices closing higher today, the ones that stand out on the positive side are NDX gaining 1.16% and HSI closing 1.11% higher. On the flipside the worst performer has been DAX closing -0.24% lower. Read more