$SPX: 4 traits that have defined 2023 (especially Q2) and were missing in 2022:
1-Bullish patterns have worked.
2-Bearish patterns have failed.
3-The number of +/-1% moves have dramatically decreased.
4-The number of +1% gains have outnumbered 1% losses. pic.twitter.com/Ag8es3E8M5
— Frank Cappelleri (@FrankCappelleri) June 30, 2023
Today’s Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri). The S&P 500 closed at new 52-week highs today, ending positive on the week, the month, and the quarter. With the first half of 2023 in the books, Frank highlights some key differences between this year’s price action and last year’s. For starters, bullish patterns are working again, while bearish patterns are failing. Breakouts are finally starting to stick as former resistance levels turn into support. Even the obvious breakout levels (like 4200 & 4300) are being respected. This is noteworthy, given that some of the sharpest declines last year started as failed breakouts. Frank also points out that we’ve seen fewer +/-1% days in 2023, and +1% days are outnumbering -1% days. This change in price behavior should bode well for the bulls in the back half of the year.