Chart of the Day - Tuesday, February 14th, 2023

Today’s Chart of the Day was shared by Liz Young (@LizYoungStrat). The S&P 500 went everywhere and nowhere today. It closed flat (-0.03%) after a volatile intraday session. Liz points out that the index had at least six moves over 0.60%, including three moves over 1%. Heading into today, everybody expected it to be a 'big day' with the highly anticipated CPI report this morning. However, the market did what it does best and embarrassed the consensus view. Despite closing flat, there's bullish information in the fact that dips were bought. The bears had plenty of chances today, but buyers stepped in right where they had to around 4100. To paraphrase Charles Dow, "closing prices are all that matter."