Chart of the Day - Wednesday, June 15th, 2022
June 15, 2022
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). It's a chart of the S&P 500 ETF, $SPY, over the past year. The S&P 500 rebounded +1.43% today, snapping a brutal 5-day losing streak in which it dropped -10%. However, Mike points out that today's rally felt a bit lackluster. For starters, we closed -1.25% off the highs of the day. Also, we're still trapped below the May lows, which are around $390 (3,900 in the index). While today's rally was encouraging to the Bulls, it did virtually nothing to improve the technical damage that has taken place recently.