Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). It's a chart of the S&P 500 ETF, $SPY, over the past year. The S&P 500 rebounded +1.43% today, snapping a brutal 5-day losing streak in which it dropped -10%. However, Mike points out that today's rally felt a bit lackluster. For starters, we closed -1.25% off the highs of the day. Also, we're still trapped below the May lows, which are around $390 (3,900 in the index). While today's rally was encouraging to the Bulls, it did virtually nothing to improve the technical damage that has taken place recently.
Chart of the Day - Wednesday, June 15th, 2022
June 15, 2022
