Support levels are those areas on the price chart where enough buyers showed up previously to reverse the downward pressure of sellers.
Support levels are those areas on the price chart where enough buyers showed up previously to reverse the downward pressure of sellers. On the contrary, price chart analysis like this is more “just the facts” than most other ways of looking at it. This is the weekly price chart of the NASDAQ-100:NASDAQ-100 weekly price chart, 5 7 22. stockcharts.comYou can see how the index is down trending. The S&P 500 daily price chart looks like this:S&P 500 daily price chart, 5 7 22. stockcharts.comThe wider S&P 500 index looks a little better than the NASDAQ-100 in the sense that the earlier-in-the-year support seems to be finding buyers. Here’s the weekly price chart for the S&P 500:S&P 500 weekly price chart, 5 7 22 stockcharts.comThe big index peaked in early 2022 at just above 4800 and has been unable to mount a rally back to that area.