Chart of the Day - Wednesday, February 8th, 2023

Today’s Chart of the Day was shared by Larry Thompson (@HostileCharts). It's a monthly chart of the S&P 500 over the past five years. With all the choppiness recently, Larry reminds us to zoom out and defer to the message of the long-term chart. The bulls have a lot to love here. For starters, the S&P 500 reclaimed its 10-month moving average in January. Second, its formed a solid base over the past nine months with resistance around 4100. Some will also call it an Inverted Head & Shoulders pattern. Semantics aside, this is an accumulation pattern, and it's not bearish.