Today’s Chart of the Day was shared by Jay Kaeppel (@jaykaeppel). The sell-off intensified today, with the S&P 500 closing below its 200-day moving average at a fresh four-month low. Mega-Caps have been fairly immune to the recent weakness, but the bears mauled a few of the generals today. $GOOGL had its 4th worst day ever today, tumbling -9.5%, while other index heavy-weights like $AMZN and $META dropped -5.5% and -4.1%, respectively. Despite the continued weakness, Jay points out that the Nasdaq 100 ($QQQ) and the Semiconductor ETF ($SMH) remain above their 200-day moving averages. These are two rare bright spots, but If the lines fail to hold, it's time to fold.
Chart of the Day - Wednesday, October 25, 2023
October 25, 2023
