Chart of the Day - Thursday, September 19th, 2019

Today's Chart of the Day was shared on Twitter by BostonCharts (@bostonchaahhts). It is a 195 min. candlestick chart of Microsoft ($MSFT). A lot of traders have been talking about this particular chart setup lately. There's a lot to like about it. First off, the stocks in a healthy uptrend. Today, it hit an all-time intraday high. However, it has yet to hit an all-time closing high. BostonCharts points out that the stock is breaking out after some price compression. He's referring to the ascending triangle pattern that price has coiled into since August. You have horizontal resistance around $141 and a series of higher lows. Keep in mind, Microsoft is the largest component in both $SPY and $XLK. If it can break out here, it would be a big positive for the broader market.