Chart of the Day - Wednesday, April 9, 2025

🏆 Today's Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi).
 

• The S&P 500 surged +9.5% today, marking its best day since 2008 and its third-best day ever. 
   
• Despite today's historic reversal, Mike points out that $SPX has recovered less than half its decline. It's still below where it closed on 'Liberation Day' and over 5% below its 200-day moving average. 
   
• It would be even more impressive if $SPX recovers the 61.8% Fibonacci retracement at 5,646. When price recovers at least 61.8% of its decline, it often goes on to fully recover 100% of its decline.  
   

The Takeaway: Today was the third-best day in the history of the S&P 500. However, the index has recovered less than half of its decline. There's still plenty of damage to repair, but recovering at least 61.8% of the decline would lower the odds of this being a bear market rally.