Chart of the Day - Monday, July 1st, 2019

Today's chart of the day was shared on Twitter by Scott Redler (@RedDogT3). It's a daily candlestick chart of the S&P 500 index, prior to today's open. The S&P 500 opened and closed at an all-time high today. More importantly, it held above the key level that Scott noted (2954-2964). The reason this level is so significant is that the index has visited it three times in the past. Each time, it's struggled to hold above it and advance higher. Now that the S&P 500 has broken out and closed above resistance, it'll be important to see this level act as support. If it holds above it, 3000 for the index seems within reach. For now, keep an eye on how price acts around that key 2954-2964 level.