Chart of the Day - Wednesday, March 20, 2024
March 20, 2024
🏆 Today’s Chart of the Day was shared by Caleb Franzen (@CalebFranzen).
- The S&P 500 closed at a record high for the second day in a row after digesting the latest from the Fed. Breadth was strong today with +80% upside volume on the NYSE.
- Caleb points out that the Equal-Weight S&P 500 ETF ($RSP) also closed at record highs today after successfully retesting the breakout level.
- This validates the recent strength in the S&P 500 as it shows broad participation beneath its surface. The star players (Mega-Caps) continue to lead, but the rest of the team is finally participating.
The takeaway: The S&P 500 is printing record highs as participation improves beneath its surface.