Chart of the Day - Tuesday, September 15th, 2020

Today’s Chart of the Day was shared on Twitter by Adam Koos (@AdamKoos). It's a daily candlestick chart of the S&P 500 over the past year. The S&P 500 has been walking on a tightrope over the past week as it retests the February highs. We've closed slightly above and below this crucial level in recent days, without any meaningful follow-through in either direction. It's fairly common to see price throwback to a breakout level like this before eventually resuming its uptrend. However, Adam explains that we want to continue to monitor the ongoing battle at this key level in the near-term. In a comment to The Chart Report, Adam said, "It's easy to overanalyze things right now, but to me, it's as simple as this - if SPX is above the February highs, the risk is to the upside. If  SPX is below the February highs, the risk is to the downside."