Chart of the Day - Friday, November 10, 2023

Today’s Chart of the Day was shared by @Dash_charts. The S&P 500 failed to confirm yesterday's bearish engulfing candle today, ripping to its highest in nearly two months instead. After having its best week of the year last week, the S&P 500 was trying to fill the gap from Sept. 21st, around 4,350-4,400. This gap proved to be resistance in mid-October, kicking off the third leg of the correction. However, Dash points out that this pesky gap has been filled with the S&P 500 closing above 4,400 today. It also cleared the downtrend line and AVWAP from the July peak today. Now that the gap has been filled, the next task for the bulls will be reclaiming the July peak at 4,600.