Chart of the Day - Friday, February 24th, 2023

Today’s Chart of the Day was shared by Gina Martin Adams (@GinaMartinAdams). The S&P 500 dropped -2.67% this week, marking the worst week so far in 2023. At the end of January, bulls cheered as the S&P 500 broke above its 200-day moving average and its downtrend line. We're still above both, however, the bulls seem much less enthusiastic than they were when we initially broke out. It's quite common to see a retest after a highly anticipated breakout. Gina suggests that this is nothing more than a classic retest, so long as RSI and MACD continue to hold above their December lows.