Chart of the Day - Tuesday, March 7th, 2023
March 7, 2023
Today’s Chart of the Day was shared by Chris Ciovacco (@CiovaccoCapital). The battle between the S&P 500 and its 200-day moving average rages on…We bounced off the 200-day on Thursday and rallied about 3.5% before rolling over on Monday. After today’s 1.5% drop, we’re within striking distance of the 200-day yet again. We initially reclaimed the 200-day at the end of January, and we’ve closed above it for 31 consecutive trading days. It’s been successfully tested three times since then, which has been constructive considering how many times it acted as resistance last year. Will buyers successfully defend the 200-day moving average for the fourth time?