Chart of the Day – July 9, 2020

By: Chris Wenner in Charts 07/09/2020

The S&P 500’s daily chart has a wedge pattern that is getting very cramped.  The top of the pattern is around 3190, and represents the downtrend from the 3393.52 high that was made on 2/19/20.  The bottom of the patterns is around 3095, and represents the uptrend from the 2191.86 low that was made on 3/23/20.

It’ll be interesting to see which side we break out of the pattern, and if that directional break starts a new trend.

CW

 

By: Chris Wenner

Managing Director

Jonathan Molchan

Wennco's innovative strategies and robust OCIO capabilities are designed for RIAs, Family Offices, and high-net-worth individuals.

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