Chart of the Day - Wednesday, February 19, 2025

🏆 Today's Chart of the Day was shared by Frank Cappelleri (@FrankCappelleri).
 

• The S&P 500 ($SPX) closed at a record high for the second straight day, rising +0.24%.
   
• Frank highlights two characteristics of a healthy uptrend: bearish patterns should fail, and bullish patterns should reach their price targets. Last month, a bearish pattern failed when $SPX undercut its December low. 
   
• $SPX is currently emerging from a two-month accumulation pattern. This bullish pattern has a measured move price target of 6,425, roughly +4.5% from today's close. 
   

The Takeaway: If this bullish pattern fails, it will be a red flag for the S&P 500. However, The uptrend remains healthy, considering bearish patterns have failed recently.