Chart of the Day - Tuesday, September 17, 2024

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

• The S&P 500 rose for the seventh consecutive day on Tuesday, although it was pretty flat (+0.03%). Buyers and sellers are at a stalemate ahead of tomorrow's Fed decision.  
   
• It briefly hit an all-time high this morning before erasing nearly all of its gains in the afternoon. The index must close above the July peak to officially mark an all-time high. 
   
• Frank points out that this is the third rejection at 5,650 in the past two months. It created a higher lower after the second rejection, but breaching support at 5,400 would mark a lower low. 
   

Takeaway: The S&P 500 tried to break out to all-time highs today, but 5,650 acted as resistance again. $SPX can afford to pull back as much as -4% from today's close before making a lower low and violating support at 5,400.