🏆 Today's Chart of the Day was shared by Aksel Kibar (@TechCharts).
- The S&P 500 ($SPX) bounced +1.6% today, recovering more than half of Friday's decline.
- It's testing the lower bounds of a five-month rising channel after breaking down on Friday. Aksel notes that failure to re-enter the channel could result in a Head & Shoulders Top.
- Price remains comfortably above a rising 200-day moving average, indicating a solid long-term uptrend. However, if this short-term topping pattern completes, the next few weeks could get messy.
The Takeaway: The S&P 500 reclaimed more than half of Friday’s loss today, but the short-term uptrend remains damaged below 6,700.
