Chart of the Day - Monday, July 22, 2024

🏆 Today's Chart of the Day was shared by Larry Thompson (@HostileCharts).

• The S&P 500 ($SPY) snapped a three-day losing streak today, bouncing +1.08%. It's only Monday, but $SPY has already repaired last week's technical damage.

• $SPY closed slightly below support at $550 on Friday but reclaimed it today. A round number like $550 is an important psychological hurdle for the market. This level also coincides with the June highs and the 20-day moving average (yellow).

• Larry adds that breadth and momentum look healthy. Three-quarters of its members are above their 20-day moving averages, while RSI is curling higher and holding above 50.

The Takeaway: After its worst week since April, the S&P 500 ($SPY) started this week on a solid note by reclaiming $550 on Monday.