Chart of the Day - Thursday, June 16th, 2022

Today’s Chart of the Day was shared by Brian Shannon (@alphatrends). It's a weekly candlestick chart of the S&P 500 ($SPY) over the past 3½ years. The S&P 500 sliced through its VWAP from the COVID lows (yellow) on Monday, and we've continued to slide, putting the index on track for its worst week since March 2020. Brian points out that there is a confluence of potential support around $350 (3,500 in the index). For starters, $350 coincides with the VWAP from the 2018 lows (green). Secondly, the 200-week moving average is right around there (blue). Lastly, $350 represents a 50% retracement of the entire post-Covid rally. This level is still about 4% lower from today's close, so we could have further room to fall before reaching any meaningful support.