$SPY daily with price candles removed so only moving averages are visible. Notice all still pointing down. Tells us if trading long stay nimble and that the big picture trend is still down for now pic.twitter.com/9N5pP3Avh6
— Sunrise Trader (@SunriseTrader) June 21, 2022
Today’s Chart of the Day was shared by Sunrise Trader (@SunriseTrader). The chart shows five moving averages of the S&P 500 over the past nine months – the 10-day EMA (black), the 21-day SMA (green), the 50-day SMA (blue), the 100-day SMA (grey), and the 200-day SMA (red). The purpose of removing price from this chart is to emphasize the current trends. The S&P 500 remains stuck under all five of these moving averages despite rebounding 2.67% over the past two sessions. More importantly, all five moving averages are sloping lower. The strength over the past two days has been encouraging, however, both short-term and long-term trends remain lower.