Chart of the Day - Wednesday, November 8, 2023

Today’s Chart of the Day was shared by Stacey Lee (@BBaxter2020). The S&P 500 rose for the eighth straight day today, closing at its highest since September. It's attempting to fill the gap from Sept. 21st after failing to do so three weeks ago. While the S&P 500 has surpassed its October highs, Stacey points out that the percentage of stocks above their 200-day moving average has retreated from its October highs. There's been a lot of chatter about breadth thrusts this week, with a rare Zweig Breadth Thrust firing on Friday. However, breadth needs further improvement, and it's failing to confirm this week's breakout so far.