Keep An Eye On Santos

Technicals | May 24 2022

By Michael Gable 

The S&P500 Index followed through with what we feared last week, which was a rejection underneath the old support level and then a sell-off.

However, after making a new low for the year on an intraday basis last Friday, it has managed to recover in the past two trading sessions. The bounce hasn't been too impressive, but it does look like it wants to give us a little bit of upside here. Having said that, we are not convinced that we have seen the lows for the year.

If all of that sounds confusing, then it just confirms that market conditions right at this very moment are still quite tricky and we have to give it a little more time until we can see some higher probability set-ups.

For this week, we have a chart on Santos ((STO)).

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