Today’s Chart of the Day was shared by Grayson Roze (@GraysonRoze). This chart looks pretty bullish, right? Price is above upward sloping 50-day & 200-day moving averages and it's breaking out of a three-month base. Unfortunately for the bulls, this is an inverted chart of the S&P 500, so what looks bullish is actually bearish. It might seem silly to look at inverted charts, but it's actually a valuable exercise, as it forces you to remove any bullish or bearish biases that you might have. As Grayson notes, "If you love it upside down, you gotta hate it right side up."
Chart of the Day - Tuesday, September 27th, 2022
September 27, 2022
