— Michael Kahn, CMT (@mnkahn) September 23, 2022
Today’s Chart of the Day was shared by Michael Kahn (@mnkahn). It’s a weekly bar chart of the NYSE Composite over the past five years. Both the NYSE Composite and Dow Jones Industrial Average closed below their June lows today. Perhaps more concerning, Michael points out that the NYSE Composite is back below its pre-covid highs. Other major indices, like the S&P 500, Nasdaq, and Russell 2000, managed to close slightly above their June lows, but they’re skating on thin ice. It would be very constructive to see these levels reclaimed next week, but caution is warranted as long as we’re below them.