S & P lowered its US economic growth forecast, and the Dow fell more than 1000 points

Fundamental analysis:

The Dow Jones index closed down 1168.21 points, or 3.58%, at 31486.38 on Wednesday, May 18. At the close of US stocks, the three major stock indexes fell unilaterally today, and the Dow fell about 1200 points. S & P lowered its US economic growth forecast. The US economic growth is expected to decline by 80 basis points to 2.4%. The reasons for the reduction include the rise in energy and commodity prices, the longer than expected conflict between Russia and Ukraine, and the acceleration of the normalization of monetary policy.

Dow Jones dj30 - 4-hour K-line chart shows:

Technical comments: the low-level Bull Power rose in a short-term shock, continued to fluctuate near the upper rail of the brin belt index, retreated after encountering obstacles to the node near 32698, continued to fluctuate and fell near the lower rail of the brin belt index, began to fluctuate after the low level reached the node near 31313, and the short-term short power continued to decline. The low 31151 position in the early stage was close at hand, the break was imminent, and the brin belt index began to open after it showed a closing trend, MACD index is below the 0 axis and keeps fluctuating and falling, while RSI index is below the 50 equilibrium line and keeps falling;

Long short turning point: 31556

Pressing position: 31791, 32042

Support position: 31151, 30922

Trading strategy: bearish below 31556, targets 31151 and 30922

Alternative strategy: bullish above 31556, target 31791, 32042

The above analysis is a personal point of view and is for reference only.