🏆 Today's Chart of the Day was shared by Steve Deppe (@SJD10304).
- The S&P 500 ($SPX) has drifted lower in all four sessions since the Santa Claus Rally window began, though it remains just -1.25% below record highs.
- Steve notes that $SPX has retreated into the same three-month range that began in October, raising the risk of a Failed Breakout.
- While the recent damage could easily be repaired with one or two strong bullish candles, the index is vulnerable to further chop and messy price action if it continues to trade below its October peak of 6,900.
The Takeaway: $SPX is in a fragile spot as we enter the new year, after slipping below 6,900 and slipping back into a three-month range.
