Chart of the Day
🏆 Today's Chart of the Day was shared by Andy Moss (@Andy_Moss).
- The S&P 500 was flat today (+0.06%) as it continues to battle an area of overhead supply from Liberation Day. Andy points out that $SPX is pinched between two key AVWAPs.
- The upper AVWAP (5,571) is anchored to the February all-time high.
The lower AVWAP (5,271) is anchored to the April 7th low.
- When two AVWAPs 'pinch' together in this manner, it suggests that energy is building for a meaningful resolution in either direction. If $SPX reclaims 5,571, momentum will likely shift in favor of the bulls. Conversely, breaking below 5,271 would open the door for a retest of the April low.
The Takeaway: The S&P 500 is digesting its recent gains and building momentum for its next move as it trades within a narrow range between the AVWAP from its all-time high (5,571) and the AVWAP from its recent low (5,271).
