This is a good place for S&P 500 to find support

23 May 2022

S&P 500 bounced off a major trend line on Friday. The start of Friday saw a drastic drop to test and a quick reversal to reclaim support. So far on this Monday support is holding. IMO, we could see a rally here as we both have support and market is pretty oversold right now. I don't think it will go very high as the gap above has shown to be strong resistance. Even if we do get a good rally, I don't expect it to last as there just seems like too much downward pressure. The areas of 3600 and 3200 seem like much better long term support.

1D with 20d VWMA and 200d SMA