Chart of the Day - Tuesday, September 14th, 2021

Today’s Chart of the Day was shared by Keith Kern (@kkernttb). It's a daily candlestick chart of the S&P 500 over the past year, along with the 8, 50, and 200-day moving averages. Kieth points out that the world's most important index is currently testing its 50-day moving average and its uptrend line that has been in place for the majority of this year. The Dow has already broken its 50-day and its respective uptrend line. If the S&P 500 follows suit, it would be an indication that further downside is likely. As we've noted, weakness in September-October is quite normal. Keep an eye on how this crucial test plays out in the remainder of the week!