Chart of the Day - Wednesday, March 9th, 2022

$SPN S&P 500 Energy Index

Blowoff top at multi-year resistance zone? Couldn't tell you - but 585 is a great level to help manage risk. pic.twitter.com/hJxKypdNt6

— Shane C. Murphy (@murphycharts) March 9, 2022

Today’s Chart of the Day was shared by Shane Murphy (@murphycharts). It's a daily candlestick of the Energy Sector over the past six years. The Energy Sector is up more than 35% year-to-date, making it the best performing sector by a mile. It hit a seven-year high yesterday, before reversing hard today around $585 ($79 in $XLE). This level acted as resistance five times between 2016-2018. Will the sixth time be the charm? Or, will price continue to be rejected at this familiar level? Either way, this is a pretty important test for the best-performing sector in the S&P 500.