Chart of the Day - Tuesday, November 19, 2024

🏆 Today's Chart of the Day was shared by Trend Spider (@TrendSpider).

• The S&P 500 opened lower and fell as much as -0.65% this morning. However, it closed higher by +0.40% after successfully testing Friday's low and rallying throughout the session.
   
• Today's reversal produced a Bullish Engulfing candle that covered the previous two candles. @TrendSpider points out that $SPX refused to break the October highs, suggesting former resistance has become support. 
   
• $NVDA led the index higher today, gaining +4.9% ahead of its earnings report tomorrow evening. The stock is approaching all-time highs after pulling back nearly -6% on a closing basis over the past week. 
   

The Takeaway: The S&P 500 printed a Bullish Engulfing candle today after finding support at the October highs. $NVDA was today's top contributor, gaining traction ahead of tomorrow's highly anticipated earnings report.