Today’s Chart of the Day was shared on Twitter by Drew Wells (@DrewTheCharts). It's a daily candlestick chart of the S&P 500 over the past year. The S&P 500 staged an impressive reversal today, closing more than 3% off this morning's low. Drew points out that the bulls found support right where they needed to, at a trifecta of key moving averages. The 50, 100, and 200-day exponential moving averages have all clustered together around the 2,960 level, which is right where price reversed this morning. He adds that momentum remains in a bullish range with RSI above 50. Today's price action is evidence that buyers are in control for now.
Chart of the Day - Monday, June 15th, 2020
June 15, 2020
