Chart of the Day - Wednesday, June 9th, 2021

Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). It's a 15-minute candlestick chart of S&P 500 futures over the past week. The S&P 500 has been flirting with all-time highs this week but keeps getting rejected. Earlier, Callie Cox noted that today was the 10th straight day that the S&P closed within 1% of a record high (with no record high), which is the longest streak in nearly three years. That ~4230 level has been a brick wall of resistance over the past week. It looks like price is coiling up for a large move in either direction. Which direction will it break?... Only time will tell, but we'll know very soon so keep an eye on how price behaves around this key level in the near term. If we're above 4230, the risk is to the upside. If we're below 4230, the risk is to the downside.