Chart of the Day - Thursday, April 24, 2025

🏆  Today's Chart of the Day was shared by Grayson Roze (@GraysonRoze).
 

• The S&P 500 has reached a fork in the road after recovering roughly half its decline. It has bounced +10% from its closing low, but remains slightly more than -10% off its February peak. 
   
• Grayson points out that 5,500 is a significant level for several reasons. This level acted as support twice in March. However, it turned into resistance three weeks ago when $SPX gapped lower after Liberation Day.
   
• If $SPX clears 5,500, the next task becomes recapturing the 200-day moving average, which is currently near 5,750. On the other hand, further rejection at this level would be a bearish sign. 
   

The Takeaway: The S&P 500 is testing a potential inflection point around 5,500. Clearing this hurdle would be bullish, but failure to do so would be bearish.