Chart of the Day - Tuesday, August 16th, 2022
August 16, 2022
Today’s Chart of the Day was shared by Brian Joyce (@Nasdaqbjoyce). The S&P 500 is up 17.41% from the June lows however, Brian points out that the next 2% of upside could get tricky. Between 4,288 - 4,367 you have:
1.) The 200-day moving average
2.) The 61.8% Fibonacci retracement
3.) The downtrend line from the peak
4.) The neckline from the head & shoulders pattern
Whether you're into moving averages, Fibonacci, trendlines, or chart patterns, you have just about every technical reason to expect the rally to at least pause here and consolidate some of its recent gains.