Chart of the Day - Thursday, February 27th, 2020

Today’s Chart of the Day was shared on Twitter by Tiho Brkan (@TihoBrkan). It's a daily candlestick chart of the S&P 500 ETF, $SPY, over the past year. The S&P 500 fell 4.42% today, marking its worst day since the 2011 flash crash when the index fell 6.66%. As of today, the index has officially entered correction territory, as it's fallen over 10% from its high (-12.11% to be exact). It took just one week for $SPY to go from being overbought and trading at all-time highs, to being oversold and in correction territory. Just one week! Tiho adds that we're approaching the 52-week moving average. However, the index went on to close below the 52-week moving average by the end of the day. The question on everyone's mind right now is; will this correction turn into a bear market? Let us know what you think here!