This comment may sound ridiculous as early as tomorrow’s open BUT, FWIW, today price answered the bell exactly at the price and at the moment it needed to. Might as well enjoy the moment. pic.twitter.com/n2Ti556Awi
— Jay Kaeppel (@jaykaeppel) March 2, 2023
Today’s Chart of the Day was shared on Twitter by Jay Kaeppel (@jaykaeppel). The battle between the S&P 500 and its 200-day moving average has attracted more spectators than the Super Bowl. You’re probably sick of hearing about the 200-DMA by now, but the market continues to prove that it matters. After spending 27 consecutive days above it, The S&P 500 gapped below the 200-DMA at the open this morning. However, price reversed right where it needed to. This is an encouraging change of character considering the 200-DMA acted as resistance numerous times last year. The market is making the bulls work hard to prove that we’re actually in a new bull market.