Chart of the Day - Thursday, October 15th, 2020
October 15, 2020
Today’s Chart of the Day was shared on Twitter by Adam Koos (@AdamKoos). It's a daily candlestick chart of the S&P 500 ETF, $SPY, year-to-date. The S&P 500 started the week off strong but was quickly rejected at the September highs. Adam highlights two potential levels of support to be aware of. The first is a confluence of support from the 50-day moving average, and the February highs around $338. If that level fails to hold, the next level of support is around $323, which coincides with the June highs and the September lows. Both of these levels have marked key inflection points over the past year. If we're above both, the bias remains to the upside, and all-time highs are the next price objective.