S&P 500 low from 09th May

10 thg 5, 2022

The S&P 500 crashed below 4000 yesterday as selling continued unabated despite hopes of an intraday recovery. However, the drop to the session lows of 3975 may have hit an important support level. The modified pitchfork drawn off the all time high of Jan 4 '22 and the first crash lows of 4818 and connected to the Feb 24th low of 4115 shows how the index found support exactly at the lower pitchfork channel line, so it will be interesting to see if the index has enough ammo to break through the first lower line below the median line, at the least. This should get really interesting since there has been no sign of capitulation yet.