Chart of the Day - Friday, June 19th, 2020

Today's Chart of the Day was shared on Twitter by Michael Turvey of TD Ameritrade (@MikeTurvey_TDA). It's a weekly candlestick chart of the S&P 500 over the past 16-months. Michael points out that this week's price action was constructive to the long-term bullish case for stocks. For starters, we have the 10-week exponential moving average crossing above the 40-week. It's generally bullish to see a shorter-term moving average cross above a long-term moving average like this. Michael also points out that the S&P 500 clawed back the week's earlier losses to close positive on the week. The index gapped down over 1.5% on Monday but was able to reverse and close higher on the week by nearly 2%.