Today’s Chart of the Day was shared by Michael Turvey (@MikeTurvey_TDA). The S&P 500 rose +2.65% today, marking the fifth-best day in the past two years. However, one day does not make a trend, and both short-term and long-term trends remain lower. Michael points out that the first hurdle will be the 20-day moving average. The S&P has been rejected at this short-term moving average four times in the past two months. A close above the 20-day would signify the end of the downtrend we've been in since August, and the start of a potential leg higher. Will the fifth time be the charm?
Chart of the Day - Monday, October 17th, 2022
October 17, 2022
