Chart of the Day - Friday, May 6th, 2022

Today's Chart of the Day was shared by Matthew Timpane (@mtimpane). The S&P 500 finished lower by just -0.21% this week, but it was enough to qualify for the first five-week losing streak in over a decade. The last five-week losing streak was in June 2011, and the S&P 500 didn't bottom until August. It's important not to over extrapolate from this stat but, it's noteworthy because it speaks to how stocks can not hold a bid going into the weekends. The past four Fridays (and the Thursday before Easter) have all been down, and we've ended near the lows of the week each time. There's really nothing bullish about the recent end-of-week price action.