Chart of the Day - Monday, August 29th, 2022
August 29, 2022
Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). It's a daily candlestick chart of the S&P 500 ($SPY) over the past year. The S&P 500 has pulled back about 6% from its recent highs, after being rejected by its downward sloping 200-day moving average a couple of weeks ago. Mike points out that the focus will be on the 50-day moving average. This is really the bull's last line of potential support before we retest the June lows. It's holding above it so far, but if it breaks, it would be further evidence that this Summer truly was a bear market rally. Keep an eye on how this test plays out this week!