— 𝐁𝐫𝐚𝐧𝐝𝐨𝐧 𝐕𝐚𝐧 𝐙𝐞𝐞 (@BrandonVanZee) October 21, 2021
Today’s Chart of the Day was shared by Brandon Van Zee (@BrandonVanZee). It’s a daily candlestick chart of the S&P 500 over the past six months. Brandon points out that the S&P 500 just closed at an all-time high for the first time in 33 trading days. This was the longest stretch without an all-time high that we’ve seen so far this year. Why do we care about all-time highs? Because when price enters blue sky territory like this, there’s virtually no overhead supply to prevent it from moving higher. Keep in mind, seasonality is shifting from bearish to bullish. After a mild pullback, the world’s most important index looks poised for a new leg higher.