— Stacey.A.Lee (@BBaxter2020) July 15, 2022
Today’s Chart of the Day was shared by Stacey Lee (@BBaxter2020). The chart shows the four major index ETFs – $SPY, $QQQ, IWM, and $DIA. The major indices closed nicely off their lows this week, however, Stacey points out that they still couldn’t reclaim last week’s highs. In addition, all four remain below downward sloping 10-week and 40-week moving averages. They say the trend is your friend, and right now, the trend in the major indices continues to be lower despite the recent bounce.