Chart of the Day - Tuesday, February 11, 2025

🏆 Today's Chart of the Day was shared by Brian Shannon (@alphatrends).
 

• The S&P 500 ($SPY) barely moved today (+0.08%) as buyers and sellers took a breather ahead of several key events tomorrow, including CPI, Earnings, and Powell's congressional testimony. 
   
• $SPY has only made one all-time high this year, which turned out to be a failed breakout. It's made zero progress since early December while refusing to fall more than -5% on a closing basis.
   
• Over the past three weeks, $SPY has coiled into a triangle pattern, directly below all-time highs. Brian points out that $SPY has recaptured its 5-day moving average and several notable AVWAPs, suggesting the short-term trend is bullish.

The Takeaway: The S&P 500 ($SPY) was flat today in what could be the calm before the storm. It's tightly coiled below all-time highs, and the short-term trend is bullish ahead of tomorrow's events.