🏆 Today's Chart of the Day was shared by @TrendSpider.
- The S&P 500 ($SPY) closed just -0.2% shy of an all-time high today as it continues to rebound from a mild dip.
- While $SPY only pulled back -3% on a closing basis, this was the largest drawdown since recovering from the Liberation Day decline in June.
- Most of the pullback occurred on Friday, October 10th, wiping out nearly a month of gains in a single session. After torturing both the bulls and bears for two weeks, $SPY is tightly coiled at the former highs ($674) and primed for a decisive resolution in the coming days.
The Takeaway: For nearly two weeks now, $SPY has been trapped inside the bloodbath candle from Friday, October 10th, frustrating both sides of the tape. However, it's tightly coiled at the former highs and primed for a strong resolution in the coming days.
