Technicals | May 10 2022
By Michael Gable
After the US Federal Reserve raised rates last week, we managed to get a one-day bounce on the S&P500 Index, before it failed to follow through on the upside.
This has of course put the US markets on a more negative footing, and the overnight fall to new lows is further confirming that we need to be prepared for some more downside in indices. Targeting support levels is meaningless at the moment, we just need to continue to observe price action and let the market tell us when it is finding some good support.
If we do lead into a capitulation, then these support levels may come in sooner than expected.
For this week's research we have analysed JB Hi-Fi ((JBH)).