When support becomes resistance, that tells us the bears have likely resumed control. $SPX pic.twitter.com/KQzWD6o3rN
— Andrew Thrasher, CMT (@AndrewThrasher) June 1, 2022
Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). The S&P 500 rebounded about 6% on a closing basis, however, it’s struggling to reclaim its March lows near 4170. As we know, former support tends to act as resistance, and that’s exactly what we’re seeing this week. As Andrew points out, this tells us the bears have likely regained control. It’s hard to embrace this rally as long as the S&P 500 is trapped below its March lows.