Chart of the Day – Tuesday, April 30, 2024
Patrick Dunuwila
The Chart Report
12 months ago
1 MIN READ
On a monthly timeframe the $SPX can fall another 9% to 4590 over the next couple of months – which is last year’s swing high and 38.2% Fib level of current range – and still be in an uptrend: pic.twitter.com/WkrtBuiqak
— Optuma (@Optuma) April 30, 2024
Today’s Chart of the Day was shared by Optuma (@Optuma).
- The S&P 500 fell -4.16% in April, ending a five-month winning streak. It gained +25% throughout that five-month streak, marking the sharpest rally since the Covid recovery in 2020.
- Using a monthly candlestick chart, Optuma points out that $SPX can afford another –9% before breaking the current uptrend.
- The prior swing high from July is at 4,590. This level also represents the 38.2% Fibonacci retracement of the bull market rally off the Oct. ’22 low.
The takeaway: $SPX fell -4.16% in April after one of the sharpest rallies in recent history. Despite the recent stumble, $SPX can handle another –9% before damaging the long-term uptrend.
The post Chart of the Day – Tuesday, April 30, 2024 appeared first on The Chart Report.
