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SP500: high level narrow range consolidation and withdrawal
2022-08-10
1211
Fundamental analysis:
The S & P 500 index closed down 16.50 points, or 0.40%, at 4123.56 on Tuesday, August 9; The US Senate passed the inflation reduction bill by a narrow majority, aiming to comprehensively rectify the economy and deal with climate change. However, although the title of the bill is highly publicized, it is unlikely that specific policies will limit price rises in the near future.
S & P SP500 - 4-hour K-line diagram shows:
Technical analysis:
According to the 4-hour chart, the high level maintains the wide range consolidation, the short power starts to wait for the opportunity to enter and move downward, the MACD index is in the weak downward trend of the long area, and the RSI index is in the narrow range consolidation below the 50 equilibrium line;
Long and short turning point: 4139
Pressing position: 4162, 4186
Support position: 4107, 4087
Trading strategy: bearish below 4139, targets 4107 and 4087
Alternative strategy: bullish above 4139, targets 4162 and 4186
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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