Chart of the Day - Friday, May 22nd, 2020
May 22, 2020
Today’s Chart of the Day was shared on Twitter by John Kicklighter (@JohnKicklighter). It's a daily candlestick chart of the S&P 500 index over the past eight months. As John points out, the index is heading into the long weekend at a tricky spot. Price is right below a confluence of resistance from the 100-day and 200-day moving averages. As you probably know, the 200-day moving average is the most widely watched technical indicator out there. Price is currently less than 2% away from testing it, so you can be sure all eyes will be on it next week. It would be a big win for the bulls if price can push through this area of congestion around 3,000-3,100.