Today’s Chart of the Day was shared by Mike Zaccardi (@MikeZaccardi). The S&P 500 closed above its 50-day moving average today for the first time since April 20th. This ends the longest streak below the 50-day since 2008. The Dow, Nasdaq, Russell 2000, and Bitcoin also reclaimed their respective 50-day moving averages today. While this is constructive, we're dealing with downward-sloping 50-day moving averages. Today was a step in the right direction for the bulls, but the rally remains countertrend at this point.
Chart of the Day - Tuesday, July 19th, 2022
July 19, 2022
