Chart of the Day - Wednesday, November 1, 2023

Today's Chart of the Day was shared by Yuriy Matso (@yuriymatso). The S&P 500 is up +2.93% this week, putting it on track for its best week in seven months. It's repairing a lot of the technical damage that occurred last week. Bulls made considerable progress today by reclaiming the lows from early October, around 4,220. Yuriy points out that the next task on the bull's to-do list is reclaiming the 200-day moving average. We saw a similar shakeout beneath the 200-day in March, leading to an impressive multi-month rally. The reaction to $AAPL's earnings tomorrow could spark a breakout or rejection. As we enter a seasonally bullish period, reclaiming this long-term moving average would strengthen the odds of a year-end rally.