With a close of 4513, the S&P 500 is now below:
1) it's respective September highs
2) 50 day moving average
3) AVWAP from the October lows (when the current rally began)
— Ian McMillan, CMT (@the_chart_life) December 1, 2021
Today’s Chart of the Day was shared by Ian McMillan (@the_chart_life). It’s a daily candlestick chart of the S&P 500 over the past six months. The S&P gapped higher this morning, but it reversed hard around noon and ended up closing 3% below today’s high. Ian points out that the S&P is now below a confluence of support from the September highs, the 50-day moving, and the AVWAP from the October lows. There’s really nothing bullish to say about this sort of price action. The S&P 500 is guilty until proven innocent as long as it’s below this key area.