Chart of the Day - Wednesday, September 28th, 2022

Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). Stocks rebounded from extreme oversold conditions today, pushing these three major indices back above their June lows. To be fair, the Dow is still trading below its June low. Interestingly, the Nasdaq 100 (left) and the Russell 2000 (right) never actually breached their June lows on a closing basis. Either way, the June lows continue to be the line in the sand for the major indices. As long as we're above those levels, we could see a sharp rally in the near term. Whether that will turn out to be another bear-market rally is anyone's guess. Today was a good start for the bulls but watch for upside follow-through in the coming days to confirm today's reversal.