S&P 500 slumps as recession looms

A brief analysis of the fundamentals:

On Thursday (May 19), high inflation eroded corporate profits, and the wave of risk assets selling continued. The S&P 500 continued its downturn and closed at 3902.55 points. At present, the market value of the four major FANG technology stocks has evaporated by US$2 trillion from the record high in November last year. The downturn of the leading technology stocks has led to the continuous decline of US stocks. Under the haze of economic recession, US stocks are still dominated by the following.

S&P 500 SP500 4-hour chart

A brief technical analysis:

From the 4-hour chart, the S&P 500 continued to fluctuate at a low level after falling back to Changyin, and the overall performance was sluggish.

Long and short turning point: 3900.00

Resistance: 4060.00 4200.00

Support level: 3800.00 3680.00

Trading strategy: bearish below 3900.00, target 3800.00 3680.00

Alternative strategy: bullish above 3900.00, target 4060.00 4200.00