Chart of the Day - Tuesday, November 12, 2024

🏆 Today's Chart of the Day was shared by Brian Shannon (@alphatrends).
 

• The S&P 500 ($SPY) snapped a five-day winning streak today, falling -0.31%. The Nasdaq ($QQQ) fell by a negligible amount for the second day, closing just -0.24%, below a record high.  
   
• Brian points out that the two indices successfully tested their VWAPs from Tuesday's election, appropriately colored orange. If $SPY and $QQQ are above these VWAPs, buyers have control of the post-election rally. However, breaking these levels would put sellers in control.
   
• While $SPY and $QQQ held the most important VWAP today, they both failed to reclaim their Daily VWAP (black) and the VWAPs from the prior three sessions: Thursday (green), Friday (pink), and Monday (blue). 
   

The Takeaway: The post-election rally passed its first test today, as $SPY and $QQQ bounced off their VWAPs from Tuesday's Election. However, the two major indices aren't entirely out of the woods until they reclaim their VWAPs from the prior three sessions.