Chart of the Day - Tuesday, August 18th, 2020

Today’s Chart of the Day was shared on Twitter by Sarah Ponczek of Bloomberg  (@SarahPonczek). It happened! Sarah points out that the S&P 500 closed at a record high for the first time since February 19th. This officially marks the end of one of the sharpest drawdowns in the history of the index. Price fell more than 30% in just 23 trading days, only to bounce back more than 51% over the following months. As we know, all-time highs are just about the most bullish thing that can happen. Price needs to hold above the February highs in the near-term, or else we could have a failed breakout on our hands. But at all-time highs, there's virtually no overhead supply to prevent the S&P 500 from making another leg higher.