Horizontal line SP cash: obviously major level…(like the whole world is watching this!) pic.twitter.com/ovP9QCJJPX
— Linda Raschke (@LindaRaschke) January 31, 2023
Today’s Chart of the Day was shared by Linda Raschke (@LindaRaschke). Linda points out that the next major hurdle for the S&P 500 is the horizontal resistance level around 4100. This level has acted as a key inflection point several times over the past year. We broke above it in August, but that breakout quickly failed, and the index swiftly dropped to new lows. We’ve had three failed attempts to reclaim it since that August failed breakout. Will the fourth time be the charm?