Chart of the Day - Friday, February 28, 2025

🏆 Today's Chart of the Day was shared by Ricardo Sarraf (@nullcharts).

• The S&P 500 recovered more than half of its losses from earlier in the week on Friday. It bounced +1.6%, ending the week down less than one percent (-0.97%). 
   
• After filling the post-election gap yesterday, today's bounce started at a confluence of support around 5,865. This level has been validated as support several times since the election. 
   
• This horizontal support level coincides with the AVWAP from the August 5th low (blue), which also supported pullbacks in September and January. The next task for the bulls will be reclaiming the upper bounds of the post-election range, around 6,100. 
   

The Takeaway: The S&P 500 pared its losses from earlier in the week on Friday after bouncing at a confluence of support. If 5,865 holds next week, the next task for the bulls will be 6,100.