Chart of the Day - Tuesday, November 21, 2023

Short-term uptrend still intact after $NVDA earnings report pic.twitter.com/nzZDPppRha

— Cam Hui, CFA (@HumbleStudent) November 21, 2023

Today’s Chart of the Day was shared by Cam Hui (@HumbleStudent). The S&P 500 ($SPY) snapped a five-day winning streak today, slipping just -0.22%. It's hard to imagine the rally continuing at its current pace, with $SPY up more than +10% in less than a month. However, Cam points out that the rising trendline off the Oct. 27th low remains intact, even after a slightly negative reaction to $NVDA's earnings after hours. If $SPY breaks this short-term trendline, it would indicate that the current leg higher is slowing. However, it's reasonable to expect higher highs if it remains intact in the coming days.