Chart of the Day - Tuesday, May 19th, 2020

Today’s Chart of the Day was shared on Twitter by Chris Robinson (@cer_hedge). It's a daily candlestick chart of S&P 500 Futures over the past six months. As Chris points out, price has been stuck in a range between two key Fibonacci retracement levels for weeks now. The 61.8%  Fibonacci retracement of the Feb-March crash has been acting as resistance (purple), while the 50% retracement has been acting as support (yellow). Despite being up an impressive 30% from the March low, the S&P 500 has made little progress (+1.65%) over the past month. Keep an eye on this range in the near term. A meaningful breakout above resistance (around 2930) would be a big win for the bulls, while a break of support (around 2784) would favor the bears.