After today's big bullish open, the S&P 500 is now within 1% of its record closing high … so much for a correction! pic.twitter.com/i0q2yT86Sh
— Matt Weller CFA, CMT (@MWellerFX) December 7, 2021
Today’s Chart of the Day was shared by Matt Weller (@MWellerFX). It’s a daily candlestick chart of the S&P 500 over the past 1.5 years. The S&P 500 had its best day in nine months today. The index gapped higher this morning and closed just 0.38% shy of a record high. In hindsight, this was a fairly mild and healthy pullback. It probably didn’t feel so mild with the VIX having its 4th best day in history at the start of the pullback. But, on a closing basis, the max drawdown was just 4.07%. Despite being mild, this pullback did a lot to help reset sentiment in a healthy way. To be fair, other indices like the Russell 2000 are in need of further repair. But at this point, the uptrend in the S&P 500 remains unscathed and all-time highs are the next objective.