Today’s Chart of the Day was shared on Twitter by Adam Koos (@AdamKoos). It's a daily candlestick chart of the S&P 500 over the past year. The S&P 500 has been walking on a tightrope over the past week as it retests the February highs. We've closed slightly above and below this crucial level in recent days, without any meaningful follow-through in either direction. It's fairly common to see price throwback to a breakout level like this before eventually resuming its uptrend. However, Adam explains that we want to continue to monitor the ongoing battle at this key level in the near-term. In a comment to The Chart Report, Adam said, "It's easy to overanalyze things right now, but to me, it's as simple as this - if SPX is above the February highs, the risk is to the upside. If SPX is below the February highs, the risk is to the downside."
Getting The Chart Report is as Easy as 1, 2, 3!
Enter your email address, check your inbox, and then relax and absorb all the amazing charts and analysis packed into your new favorite daily newsletter!