🏆 Today's Chart of the Day was shared by Michael Kahn (@mnkahn).
- The S&P 500 fell -1.6% this week, ending a three-week winning streak. However, it finished with a bullish reversal on Friday, ending flat on the day (+0.13%) after recovering from an intraday loss of -1.3%.
- Michael notes that $SPX printed a hammer candle on the daily chart. This bullish reversal pattern often 'nails in' a short-term low, but a follow-through day is necessary for confirmation.
- $SPX touched its 50-Day Moving Average for the first time since May before reversing higher on Friday. The index has closed above it for 133 consecutive trading days, marking the longest streak since 2007.
The Takeaway: The S&P 500 ended with a bullish reversal candle on Friday, sustaining its longest run above its 50-day moving average since 2007.
