Chart of the Day - Thursday, April 20th, 2023

Today’s Chart of the Day was shared by Yuriy Matso (@yuriymatso). The S&P 500 continues to struggle at 4200. The index has made several attempts to clear this hurdle over the past year, but it's proving to be a brick wall of resistance. This level also coincides with the 50% retracement of the 2022 decline. Price briefly reclaimed it last August, but that move ended up being a failed breakout. Yuriy points out that the bulls won't be out of the woods until the August highs are surpassed. The August highs are around 4320, coinciding with the 61.8% Fibonacci retracement of the 2022 decline. Last Summer was a notable exception, but it's rare to see a bear market continue after retracing more than 50% of its decline.