After 5 1/2 months of market slide, investors are trying to find the bottom for this huge down leg. Just like all past market drops, people always turn to Fibonacci Retracement for guidance. Today, S&P 500 Index's daily low touched and overshot the 38.2% retracement level and bounded. NASDAQ Index overshot the 50% retracement and closed in the 50% retracement area. Since Fibonacci retracement levels traditionally serve as magnet for market bottoms, if prices don't hold in these areas respectively, it will be painful to count on the next Fibonacci level for support.
S&P 500 Index daily chart (May 20th, 2022)
NASDAQ Index daily chart (May 20th, 2022)
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