Weekly $SPX update: stocks shook off Tues and Thurs blues to end flat on week. Next stop RSI 75? pic.twitter.com/BO5qx52o74
— Michael Turvey (@MikeTurvey_TDA) April 23, 2021
Today’s Chart of the Day was shared by Michael Turvey (@MikeTurkey_TDA). It’s a weekly candlestick chart of the S&P 500 over the past year and a half. It was a choppy week for the S&P 500, but the index ultimately closed flat on the week (0.16%). This sort of pause should come as no surprise considering price is at a major Fibonacci level. Excessive optimism continues to be a near-term risk and seasonal headwinds are around the corner. But trumping all these bearish concerns is the fact that the trend remains unequivocally higher.