Chart of the Day - Thursday, March 2nd, 2023

Today's Chart of the Day was shared on Twitter by Jay Kaeppel (@jaykaeppel). The battle between the S&P 500 and its 200-day moving average has attracted more spectators than the Super Bowl. You're probably sick of hearing about the 200-DMA by now, but the market continues to prove that it matters. After spending 27 consecutive days above it, The S&P 500 gapped below the 200-DMA at the open this morning. However, price reversed right where it needed to. This is an encouraging change of character considering the 200-DMA acted as resistance numerous times last year. The market is making the bulls work hard to prove that we're actually in a new bull market.