Chart of the Day - Tuesday, April 21st, 2020

Today's Chart of the Day was shared by Jonathan Krinsky (@jkrinskypga). It's a bar chart of the S&P 500 over the past year, along with vertical lines marking the past four monthly options expirations. Jonathan uses this chart to show that the past three monthly options expirations coincided with significant inflection points in the S&P 500. Notice that the index topped out around February expiration, and bottomed out around the March expiration. The S&P 500 was up a jaw-dropping 28% in just 18-days heading into the April expiration, last Friday. In the two sessions since then, the sharp rebound rally seems to have stalled out at a level of overhead resistance around 2850. Will April options expiration once again prove to be another key turning point for the S&P 500?