Chart of the Day - Friday, August 28th, 2020

Today’s Chart of the Day was shared on Twitter by Eddy Elfenbein (@EddyElfenbein). It was a perfect week for the bulls. The S&P 500 closed at an all-time high every single day this week, for a gain of 3.35%. In a separate comment, Eddy pointed out that the worst day this week was a gain of 0.17%. The index first broke out to all-time highs on August 18th. It's risen 7 out of the 8 days since. This is why we get so excited when price breaks out to all-time highs. As we've said many times - when price reaches all-time highs there's little to no overhead supply to prevent it from moving higher. The top callers are getting louder and louder at these levels. To be fair, there are plenty of signs that we could be due for a pullback in the near-term. However, the trend is innocent until proven guilty, and at this point, the trend is unequivocally higher.