Chart of the Day - Wednesday, May 21, 2025

May 21, 2025
Patrick Dunuwila

Chart of the Day


🏆  Today's Chart of the Day was shared by Shane Murphy (@MurphyCharts). 
 

  • After snapping a six-day winning streak yesterday, the S&P 500 ($SPY) has pulled back -2.2% over the past two sessions. Despite the recent dip, the index remains within 5% of an all-time high. 
     
  • Shane points out that $SPY violated the rising trendline, or 'rate of trend' from the April lows today. While this indicates a loss of momentum, $SPY is approaching an area of potential support at $575. 
     
  • $575 coincides with former resistance from mid-March and the 200-day moving average. While this is a logical support level, a breakdown would be a meaningful setback for the bulls as it would raise the potential for a retest of the April lows.
     

The Takeaway: The S&P 500 ($SPY) breached the rising trendline from the April lows today, but it's nearing an area of potential support around $575, where former resistance and the 200-day moving average converge.

Filed Under: