Chart of the Day - Tuesday, May 26th, 2020
May 26, 2020
Today’s Chart of the Day was shared on Twitter by Andrew Thrasher (@AndrewThrasher). The S&P 500 spent the majority of today’s session above its 200-day moving average and was on track for its first close above it in 56 trading days. Unfortunately for the bulls, we ended up closing just a hair below it. Since 1950, there have only been two prior instances where the S&P 500 spent at least 50-days below the 200-day moving average, tested it intraday but failed to close above it. The first was in May 1982, and the second occurred in May 2008. This is a crucial test for the index. The bulls need price to close and hold above it for a few sessions to confirm a breakout. For more on this, check out this other chart from Andrew.