Chart of the Day - Friday, November 18th, 2022

Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). The S&P 500 took a slight pause this week, falling just -0.69%. It's been fairly calm recently, considering we haven't had a 1% move in either direction in six days now. Yuriy points out that the S&P 500 is currently testing its October highs around 3900. We ended the week above there, so there's still hope for the bulls. However, a close below the October highs would confirm yet another failed breakout. As you can see, all of the major rallies this year have ended in false breakouts and were followed by sharp moves lower. It's crucial that the S&P 500 continues to hold above the October highs, so keep an eye on how this test plays out next week!