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DJ30: strong decline

Fundamental analysis:

The Dow Jones Index closed down 270.42 points, or 0.80%, at 33414.11 points on May 3 (Wednesday). The Fed announced the latest interest rate decision in May, and the Fed raised interest rates by 25 basis points to 5.00-5.25%. The wording of the Fed's resolution is relatively neutral, and the market believes that the Fed will suspend the current round of interest rate hikes. At present, the market focus turns to the speech of Federal Reserve Chairman Powell later.

Dow Jones DJ30 - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen strongly, the short-term decline may continue, the market as a whole is in a bearish trend, the MACD indicator is in the bearish area and continues to move down, and the RSI indicator is in the bearish area to maintain consolidation;

Resistance level: 33513 33581

Support level: 33328 33258

Trading strategy: bearish below 33447, target 33328 33258
Alternative strategy: call above 33447, target 33513 33581

The above information is provided by special analysts and is for reference only. CM Trade does not guarantee the accuracy, timeliness and completeness of the information content, so you should not place too much reliance on the information provided. CM Trade is not a company that provides financial advice, and only provides services of the nature of execution of orders. Readers are advised to seek relevant investment advice on their own. Please see our full disclaimer.

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