AllTechnical Analysis
logoArgusMay 23, 2022

Technical Assessment: Bearish in the Intermediate-Term

Intermediate Term
Long Term
Summary

The S&P 500 fell to a midday low of 3,810 on Friday before rallying sharply, finishing the day at 3,901. At its low, the index was down 90 points or 2.3% from Thursday's close. As we have been saying, initial support for the S&P 500 was in the low 3,800s based on a 38.2% Fibonacci retracement of the rally off the pandemic low.

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