The S&P 500 closed yesterday at 3,916.64 after four straight days of drops

A quick look at yesterday: the S&P retained its composure around the 3,916.64 level after dropping 1.1%.

The MACD is significantly below its signal line which suggests that the existing bearish sentiment is beginning to swing around toward a more bullish outlook. Bollinger Bands® shows an indication of recovery: the lower band is at 3,842.82, a low enough level to, generally, suggest that the S&P is trading below its fair value. On the other hand, note that bearish sentiment was sufficient to push prices below the known Fib level of 3,934.65 serving as intraday support.

Overall, looking at the technical analysis landscape, it seems the S&P might start pointing upward in the short term.

The index has been trending lower for about a month. The S&P hit a significant low of 3,577 around 5 months ago, but has since recovered 10.71%.