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S&P: broad finishing

2023-08-29
428
Fundamental analysis:

Before the release of European and American inflation and employment data on Monday (August 28), the European Central Bank’s hawkish voters supported the rate hike in September, and the market’s expectations for the Fed’s November rate hike rose to 51%. The three major U.S. stock indexes collectively closed up, with the S&P 500 up 0.63%. In terms of industry sectors, except for utilities, which closed down, all the other 10 major sectors of the S&P closed up.

SP500 four-hour chart


Brief technical analysis:

Looking at the 4-hour chart, the rebound of the S&P near 4450 is temporarily blocked, and the MACD volume can cross the zero axis again.

Resistance: 4450 4480
Support level: 4380 4350

Trading strategy: Bearish below 4450, target 4400 4350
Alternative strategy: call above 4450, target 4480 4520

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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