$QQQ and $SPY Stop Recent Decline | Midday Market Minute | 5.23.22

Posted: May 23, 2022, 12:47 p.m.

Stocks are rebounding nicely off of the lows from Friday, but at the end of the day, we NEED a close above previous highs to continue strength. There are positive signs on a bottom, as the S&P got back above the overnight high (3955, and stuck its head above 3975), our next level of resistance. One thing to note is the Nasdaq has NOT followed suit, trading below the overnight high as of writing.

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Crude Oil has remained above resistance, paving the way to higher highs after consolidation.

Gold & Silver are trading off of their highs, but they are building constructive bases. This comes from positive tailwinds of a declining US Dollar. From a Market Technicians perspective, the US Dollar has reached the .382 Fibonacci Retracement Level (Drawn from the contract highs to the January lows). This aligns closely to the breakout level of 100.50.

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