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S&P: break resistance again

2023-08-30
354
Fundamental analysis:

On Tuesday (August 29), the JOLTS job vacancies in July in the United States exceeded expectations and fell to the lowest level in more than two years. Consumer confidence in the Conference Board dropped significantly in August, all of which reduced the pressure on the Fed to raise interest rates. to 42%. U.S. stocks rose for three consecutive days to close at an intraday high, with the S&P 500 up 1.45%. Large-scale technology stocks generally rose. Except for utilities, which closed down 0.02%, all the other 10 major S&P sectors closed up.

SP500 four-hour chart



Brief technical analysis:

Looking at the 4-hour chart, the S&P further strengthened and broke through the previous high around 4480, the MACD volume can continue to enlarge on the zero axis, the market continues to be bullish, support is focused on around 4480, and the upper resistance is at 4540-4580.

Resistance level: 4540 4580
Support level: 4480 4450

Trading strategy: Bullish above 4480, target 4540 4580
Alternative strategy: bearish below 4480, target 4450 4420

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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