Chart of the Day - Monday, March 21st, 2022

Today’s Chart of the Day was shared by Grant Hawkridge (@granthawkridge). It's a daily candlestick chart of the S&P 500 over the past year and a half. One month ago, everyone and their mother was concerned over a textbook Head & Shoulders top that had formed. We explained that patterns often fail when they become this obvious. The S&P 500 did break the neckline at the end of February, but the pattern was invalidated last week when we reclaimed 4300. As Grant points out, there's bullish information to be gleaned from the fact that this bearish pattern failed to do what it was supposed to.