Chart of the Day - Wednesday, June 28, 2023

Today's Chart of the Day was shared by Caleb Franzen (@CalebFranzen). The S&P 500 was essentially flat today, changing just -0.04%. It's been stalling for almost two weeks now, but you could call this a healthy reset. Caleb points out that price is continuing to hold above the August highs, around 4,300 (green lines). If this level gives way in the near term, the next major support level is just ~2.3% below, around 4,200 (blue lines). We're starting to see breakouts stick for once as former resistance levels turn into support. This is a noteworthy change in behavior for the S&P 500, as bulls were continuously trapped by failed breakouts throughout last year's bear market.