Chart of the Day - Wednesday, June 14, 2023

No real #FOMC action just a lot of chop $SPY pic.twitter.com/4s3wh2OdDq

— Michael Nauss, CMT, CAIA 🇨🇦 (@MichaelNaussCMT) June 14, 2023

Today’s Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT). The S&P 500 was essentially unchanged today, closing higher by a paltry +0.08%. It wasn't much, but it was enough to mark the first five day winning streak for the S&P 500 since November 2021. Many were anticipating a large move today on the heels of the Fed's interest rate decision and Powell's comments. But, the market did what it does best and fooled the majority, leaving both the bulls and the bears dissatisfied. Michael points out that today's price action formed a doji candle on the daily chart of $SPY. This candlestick formation represents indecision between buyers & sellers. While it doesn't tell you much on it's own, a doji candle often marks a brief moment of equilibrium before a larger continuation higher or a reversal lower.