Chart of the Day - Friday, September 30th, 2022

Today’s Chart of the Day was shared by Matt Fox (@topstockcharts). It's a weekly candlestick chart of the S&P 500 over the past two decades. The S&P 500 just logged its third straight quarterly loss for the first time since 2008. Matt points out that it's currently testing its 200-week moving average for the first time since the pandemic. We actually closed slightly below it today, so buyers will need to show up soon if we're going to have a 2011 or 2018 scenario. If we extend below it, it will be a major red flag. Either way, keep an eye on how this test plays out in the coming weeks.