S&P 500's rally stalls at Fibonacci target, questions about new uptrend

From Yahoo Finance: 2025-05-10 07:00:00

The S&P 500’s recent rally prompts questions about a new uptrend. Chart watchers use Fibonacci ratios to determine if the bounce is significant enough to signal an uptrend. The index needs to surpass a 61.8% retracement level to confirm a new trend. Other major indexes are also closely watched for similar signals.

On May 2, the S&P 500 reached an intraday high just above the Fibonacci retracement target before pulling back. The index continues to flirt with key Fibonacci levels but has yet to sustain a clear breakout. The Dow Jones and Nasdaq are also closely monitored for signs of a sustained uptrend.

Read more: The S&P 500’s rally stalls at the key Fibonacci target. What that means for stocks.