Chart of the Day - Friday, February 17th, 2023

Today’s Chart of the Day was shared by Larry Tentarelli (@LMT978). It's a weekly bar chart of the S&P 500 over the past three years. The S&P 500 slipped -0.28% this week, marking its first back-to-back weekly loss this year. We closed below that key 4100 level, which puts us in jeopardy of a failed breakout. On a brighter note, Larry points out that the 10, 30, and 40-week moving averages are all beginning to slope higher around 3950. We could continue to pullback in the near term, but the uptrend will remain intact as long as we're above the most recent higher low, around 3800.