Two Major Market Indices in Friday the 13th Afternoon (May 13th, 2022)

Today both the S&P 500 Index and NASDAQ Index closed the week with two consecutive up days.  While S&P 500 Index closed at 4023.89, up 93.81 points (+2.39%), NASDAQ Index closed at 11805, up 434.04 points (+3.82%).  

In our May 10th post, we drew the supports and resistances for the two indices.  Today, we revisit these price levels and see how these lines, which serve as guard rails, affected the price action.  Can these lows be the bottoms for the current down slide?  Time will tell.  It may not be a V-shaped bottom.  As for all major reversals, it is very possible for the indices to come again to retest these lows at least once before setting a trend to move higher. 

S&P 500 Index daily chart (May 13th, 2022)

NASDAQ Index daily chart (May 13th, 2022)