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This Important Candlestick Pattern Just Appeared on the S&P 500: Chart Study
David Russell
May 4, 2021
Indexes and ETFs | Market Pulse | Technical Analysis

The S&P 500 just finished its third straight winning month. Now there could be signs of weakening as May begins.

First, let’s revisit the price channel running along the index all year. SPX has been stuck at the top of that ascending range since the middle of April. Will prices retreat from the upper line?

Second, last Thursday saw a new all-time high and a lower low versus Wednesday. That created an outside day and hanging man candlestick pattern on the …

For more, please click here to view the full idea and chart analysis on TradingView.

S&P 500, daily chart, with key patterns, courtesy of TradingView.

About the author

David Russell
David Russell is VP of Market Intelligence at TradeStation Group. Drawing on two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them apprised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.

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