Chart of the Day - Friday, June 23, 2023

Today's Chart of the Day was shared by Scott Brown (@scottcharts).  The S&P 500 snapped a five-week winning streak, falling -1.39%. This slight pullback has been perfectly normal so far. You could even view it as healthy, given the relentless strength that preceded it. Scott points out that price continues to hold above the August highs (around 4300). If price fails to hold this level in the near term, it would open the door for a potential retest of the notorious 4200 level. Despite the recent weakness, the uptrend off the October lows remains intact, and breakout levels are starting to hold for once.