Chart of the Day - Thursday, January 26th, 2023

Today’s Chart of the Day was shared by Alfonso Depablos (@AlfCharts). This week,  the S&P 500 ($SPY) officially reclaimed its 200-day moving average and its notorious downtrend line, after being rejected by both several times over the past year. However, Alfonso points out that the index still has some important resistance levels lurking overhead. The Anchored VWAP from the all-time highs is right around $409, which is about 1% higher from here. This AVWAP also coincides with horizontal resistance that was created by the September & December highs. It's very constructive to see the S&P 500 back above its 200-day moving average and downtrend line. However, there is still a lot of price memory just north of here. A close above $410 would add conviction to some of the bullish developments we've seen recently.