
Chart of the Day – Monday, July 22, 2024
9 months ago
1 MIN READ
$SPY – S&P 500 with a classic bearish setup.*
A close back above 20 day sma and psychological $550 level.
RSI finding support at 50 and 75% of stocks within above a 20 day sma.
*Sike, it’s bullish. pic.twitter.com/I3KxfgjoSU
— Larry Thompson (@HostileCharts) July 22, 2024
Today’s Chart of the Day was shared by Larry Thompson (@HostileCharts).
- The S&P 500 ($SPY) snapped a three-day losing streak today, bouncing +1.08%. It’s only Monday, but $SPY has already repaired last week’s technical damage.
- $SPY closed slightly below support at $550 on Friday but reclaimed it today. A round number like $550 is an important psychological hurdle for the market. This level also coincides with the June highs and the 20-day moving average (yellow).
- Larry adds that breadth and momentum look healthy. Three-quarters of its members are above their 20-day moving averages, while RSI is curling higher and holding above 50.
The Takeaway: After its worst week since April, the S&P 500 ($SPY) started this week on a solid note by reclaiming $550 on Monday.
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