PCE data brings positive results, S&P 500 continues to rise

A brief analysis of the fundamentals:

Last Friday (May 28), the U.S. personal consumption expenditure (PCE) growth rate in April was higher than expected, indicating that consumer spending was still strong despite persistently high inflation, and the rebound in risk sentiment drove the S&P 500 to rebound sharply, closing at 4156.05 point. In the short term, inflation is likely to gradually fall back in the middle of this year with the Fed's tightening policy. The Fed's most eagle moment may have passed, and US stocks are expected to usher in a rebound in the future.

S&P 500 SP500 4-hour chart

A brief technical analysis:

From the 4-hour chart, the S&P 500 Changyang continued to rise, and the short-term trend was strong. 4060 became the short-term support, the MACD red column increased, and the RSI indicator rose.

Long and short turning point: 4060.00

Resistance: 4200.00 4300.00

Support level: 3900.00 3800.00

Trading strategy: bullish above 4060.00, target 4200.00 4300.00

Alternative strategy: bearish below 4060.00, target 3900.00 3800.00