Chart of the Day - Wednesday, June 1st, 2022

Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher). The S&P 500 rebounded about 6% on a closing basis, however, it's struggling to reclaim its March lows near 4170. As we know, former support tends to act as resistance, and that's exactly what we're seeing this week. As Andrew points out, this tells us the bears have likely regained control. It's hard to embrace this rally as long as the S&P 500 is trapped below its March lows.