Chart of the Day - Wednesday, November 16th, 2022

Today’s Chart of the Day was shared by Walter Deemer (@WalterDeermer). It's a 15-minute candlestick chart of the S&P 500 over the past eight days. It was a fairly quiet day for stocks, however, Walter points out that the S&P 500 has formed a bearish head & shoulders pattern over the past few days. The pattern will be confirmed if we break the neckline, around 3950. Keep in mind that this is a very short-term chart, and a measured move from this pattern would only be about -2%. It's also important to remember that patterns often fail, and when they do, they tend to be followed by some pretty spectacular moves. Either way, keep an eye on how this pattern plays out in the coming days.