Daily Stock Market News

Chart Of The Day: SPDR® S&P 500 ETF


Tuesday evening on the “Trade Off” show I did with Chris Weston from Pepperstone, I discussed the setup in the SPDR® S&P 500 (NYSE:).

After the close yesterday, Meta Platforms (NASDAQ:) and the sold off after hours. With the rejection of the 61.8% Fibonacci retracement at the 458 level, if today we end up lower, traders may see a long term head and shoulder pattern develop in the coming months.

The one clue that really stands out is the dropping volume of the strong 8% rally seen in the last few trading sessions.

SPY Daily Chart
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