Chart of the Day
🏆 Today's Chart of the Day was shared by Ross J Brown (@RJB_Financial).
- The S&P 500 fell less than -1% in April after clawing its way back from a double-digit drawdown, representing one of the largest monthly reversals in history.
- Despite the sharp rebound this month, Ross points out that all four major indices remain stuck below levels of overhead supply from late-March, as former support has become resistance.
- If the major indices break out, it will open the door to further upside. However, all four remain vulnerable to a retest of the April lows.
The Takeaway: Despite an epic monthly reversal, the four major indices remain stuck below overhead supply and vulnerable to further weakness.
