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Chart of the Day – Thursday, May 30, 2024

🏆 Today’s Chart of the Day was shared by Andrew Thrasher (@AndrewThrasher).

  • The S&P 500 is currently down -2.28% this week, putting it on track for its worst week since March and its third-worst week of 2024.
  • The index closed slightly below its former highs today, which are around 4,250. A weekly close below this critical level would confirm a failed breakout. As we know, failed breakouts can get ugly fast.
  • Andrew also points out that 14-week RSI has formed a bearish momentum divergence. Price made all-time highs last week, while RSI couldn’t even reach overbought territory (above 70).

The takeaway: The S&P 500 is in a precarious spot. The bulls must reclaim 4,250 tomorrow to avoid a failed breakout while breadth and momentum are diverging.

The post Chart of the Day – Thursday, May 30, 2024 appeared first on The Chart Report.

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