Chart of the Day - Tuesday, December 13th, 2022

Today’s Chart of the Day was shared by Chris Ciovacco (@CiovaccoCapital). The chart shows the 200-day moving average of the NYSE Composite Index ($NYA) over the past six weeks. Between today's CPI release and tomorrow's Fed decision, this week is filled with noise. In a choppy environment like this, Chris reminds us that the long-term continues to steadily decline. The 200-day moving average is often looked at as either support or resistance, however, it's more practically used to gauge the direction of the long-term trend. The NYSE has been trading above it for nearly four weeks now, but it will need to continue doing so for a while before the long-term trend is a bull's friend again.