Chart of the Day - Wednesday, May 6th, 2020

Today’s Chart of the Day was shared on Twitter by Carter Worth of Cornerstone Macro (@CarterBWorth). It's a 60-minute bar chart of S&P 500 Futures since the March 23 low. Carter points out that Mr. Market has been fooling both the bulls and the bears over the past three weeks, as price has gone virtually nowhere. His chart annotations show that price has formed a head & shoulders topping pattern, and broke the uptrend line from the March low. As buyers and sellers battle it out at this level, Carter says he thinks price will roll over. Let us know what you think - Will the next 10% move for the S&P 500 be higher or lower from here?