U.S. equity markets were mixed ahead of the long holiday weekend, with the S&P 500 (SPX) rebounding from recent lows. The index has surged from around 5,050 to just below 6,000, with a momentum score of 3 and option sentiment cooling from 5 to 3. On May 22, the SPY closed up 0.04%, QQQ gained 0.19%, IWM rose 0.02%, and DJI was unchanged. Apple was the only 'Magnificent 7' stock to close lower. The SPX closed down 0.04% on May 22. Year-to-date, SPY is down 0.5%, QQQ is up 0.35%, and IWM is down 8%. Additional data shows QQQ up 0.7%, SPY down 0.2%, and IWM down 7.8%. Key technical levels include SPX support at 5,800–5,850 and 5,750, with a notable gap at 5,787. SPY's 580 and 582.90 are highlighted as support, with resistance at 588. The SPY 577 level is noted as a gap pivot. On May 23, SPX was down as much as 1.5% before recovering to a 0.3% decline. SPY traded at +0.2% and -1.3% during the session, while VGK was down 1.0%. QQQ tested lows near 505.14, with 505.35 marking a 38% retracement from the 476.78 low. SPY tested its 200-day moving average. VIX futures fell 3% as traders positioned ahead of the holiday. Market participants are monitoring the weekly close, technical levels, and upcoming events such as a Moody's update, a 20-year bond auction, and 50% EU tariffs.