The S&P 500 ripped higher by nearly 2% yesterday on no significant news, and when combined with gains seen over the prior two days, the index gained back all of its losses from Monday’s 3% drop.
The technicals show a near perfect double bottom formed from the intraday lows on Monday and Wednesday. The 2,830 level proved to be very strong support that saw buyers step in just when things looked their bleakest this week.
To throw some levity into the mix, the intraday chart of the S&P 500 over the last week has amazingly formed a perfect “shrug” pattern from the famous emoji that you’ve likely seen before in texts or on social media (especially if you have teenage kids)! A picture is certainly worth 1,000 words. Talk about the perfect description of this market! Start a two-week free trial to Bespoke Premium to get Bespoke’s best equity market research.