Today’s Chart of the Day was shared by Matthew Timpane (@mtimpane). It's a daily candlestick chart of the S&P 500 over the past 10 months. Matthew points out that the rally is testing an important level around 4550-4590. As you can see, the S&P 500 has made several meaningful reversals around this level in the past year. This level also coincides with the 61.8% retracement of the 2022 decline for all you Fibonacci fans out there. After rallying nearly 10% in two weeks, it would make sense to see some pause here, but it would be bullish to see the S&P 500 reclaim this level. Either way, this will be an important test to watch this week.
Chart of the Day - Monday, March 28th, 2022
March 28, 2022
