Weekly $SPX update: another week of progress as softer CPI and bank earnings that weren't disastrous set the tone. Still need to eclipse the Jan highs as earnings season heats up next week. pic.twitter.com/xadQX9lUJZ
— Michael Turvey (@MikeTurvey_TDA) April 14, 2023
Today’s Chart of the Day was shared by Michael Turvey (@MikeTurvey_TDA) The S&P 500 rose +0.79% this week, marking its highest weekly close in nearly eight months. It actually managed to close above the January/February highs by a single point on a weekly basis but hasn’t done so on a daily basis yet. It’s continuing to hold above its 10-week (red) and 40-week (blue) moving averages and both have begun to slope higher recently. It still hasn’t cracked 4,200 yet, which has been a brick wall of resistance for nearly a year now. Keep an eye on how the index reacts to that key level as earning season ramps up next week.