Skip to main content

Chart of the Day - Wednesday, April 1st, 2020

April 1, 2020

Today’s Chart of the Day was shared in a note titled; "S&P Facing a Historical Kiss of Resistance" by Chris Kimble. It's a chart of the S&P 500 over the past 12 years. Chris points out that the index spent the past nine years inside of a rising channel and above its 200-week moving average. However, last month's waterfall decline sent price piercing through both of these areas of support. As we know, broken support tends to act as resistance when price eventually returns to the scene of the crime. With last week's sharp rebound, the S&P 500 is now facing a crucial test of dual resistance to kick off Q2 2020.