Chart of the Day - Friday, April 23rd, 2021

Today’s Chart of the Day was shared by Michael Turvey (@MikeTurkey_TDA). It's a weekly candlestick chart of the S&P 500 over the past year and a half. It was a choppy week for the S&P 500, but the index ultimately closed flat on the week (0.16%). This sort of pause should come as no surprise considering price is at a major Fibonacci level. Excessive optimism continues to be a near-term risk and seasonal headwinds are around the corner. But trumping all these bearish concerns is the fact that the trend remains unequivocally higher.