Chart of the Day - Tuesday, February 7th, 2023

Today’s Chart of the Day was shared by Jonathan Harrier (@jonathanharrier). It was a choppy day, but the S&P 500 managed to close higher by 1.29%. Jonathan points out that the short-term trend continues to point higher. Price is above the 10, 20, and 50-day exponential moving averages, and all three are sloping higher. To be fair, the 200-day moving average (not shown) is still sloping lower, but it's beginning to flatten out. The long-term trend can't turn higher until the short-term trend does. It's a process, but it's playing out in favor of the bulls.