Chart of the Day - Monday, June 12, 2023
$SPX S&P 500 Index, closing the day at fresh 52-week highs and above the 0.618 Fibonacci retracement. pic.twitter.com/iGnM9yIs8d
— Shane C. Murphy (@murphycharts) June 12, 2023
Today’s Chart of the Day was shared by Shane Murphy (@MurphyCharts). The S&P 500 closed at a new 52-week high today for the first time since its peak more than 18 months ago. It cleared the August highs (around 4300) and closed above the 61.8% Fibonacci retracement of last year's decline. Today also marks the first day in more than a year that the S&P 500 has been less than 10% from all-time highs. Bulls have plenty to celebrate today, but there are several potential catalysts on deck this week that could spur a reversal or volatility (CPI tomorrow, the Fed on Wednesday, and Quad Witching on Friday.)
