Chart of the Day - Wednesday, June 4, 2025

🏆  Today's Chart of the Day was shared by TrendSpider (@TrendSpider). 
 

• After rebounding sharply off the April lows, the S&P 500 has spent the past two weeks consolidating just -3% below its February all-time highs.
   
• TrendSpider notes that futures are testing resistance at 6,000 for the third time. The previous two rejections resulted in higher lows, forming a bullish Ascending Triangle pattern.
   
• This well-defined resistance level at 6,000 is the final hurdle in the recovery process before the S&P 500 tests all-time highs near 6,160.
   

The Takeaway: The S&P 500 has formed an Ascending Triangle over the past two weeks, defined by rising support and horizontal resistance at 6,000. A breakout from this bullish pattern would target all-time highs near 6,160.