Chart of the Day - Friday, February 14, 2025

🏆 Today's Chart of the Day was shared by Michael Nauss (@MichaelNaussCMT).
 

• The S&P 500 ($SPY) printed its first weekly all-time high since early December, rising +1.5% this week. Despite the recent choppiness, $SPY has rallied intraweek in each of the past five weeks. 
   
• After nearly three months of digestion, $SPY is primed for a new leg higher. It fell less than 5% on a closing basis, so this was hardly a pullback but perhaps a correction through time. 
   
• Bearish sentiment rose to a new 52-week high during this single-digit drawdown. The percentage of bearish respondents in the latest AAII Sentiment Survey rose to 47% this week, its highest since late 2023. 
   

The Takeaway: The S&P 500 achieved its first weekly all-time high of the new year, rising +1.5% this week. Meanwhile, bearish sentiment also made a new high.