Chart of the Day - Monday, July 20th, 2020

Today’s Chart of the Day was shared on Twitter by Michael Antonelli (@BullandBaird). It's a daily bar chart of the S&P 500, year-to-date. Michael points out that the S&P 500 finally closed above the June highs today after trading sideways for over a month. Price is currently about 45% above the March low and less than 4% below the February high. At this point, the February 24th gap is just about the only thing standing in the way of current price and all-time highs. Price opened lower by over 2% to start the week that Monday, creating an area of potential supply that has yet to be tested. In a separate comment, Michael said, "There's one gap left on the chart of the S&P 500, and we need 3,328 to fill it (about 2.25% higher)." If price can fill that gap, there will be very little overhead supply to prevent the S&P 500 from printing all-time highs. Mind the gap this week!