Chart of the Day - Friday, August 12th, 2022
August 12, 2022
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). The S&P 500 closed higher for the fourth consecutive week, rising +3.26% to its highest level since May. At this point, the index is up +16.74% from its June low, however, it's still down -10.77% from its all-time high. This was a very constructive week for the S&P 500, considering we closed above the June highs and the 50% retracement. We're about 1% away from testing the 200-day moving average and about 2% away from testing the 61.8% Fibonacci retracement. Those will be the next upside objectives to watch in the near term.