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SP500: bear shock moves down
2022-10-21
1152
Fundamental analysis:
The S&P 500 index closed down 31.46 points, or 0.85%, at 3663.70 on October 20 (Thursday); The unexpected drop in the number of Americans applying for unemployment benefits last week shows that the labor market is still tense despite the cooling of labor demand due to rising interest rates.
S&P SP500 - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the momentum of short positions remains volatile and slowly declines, and the short-term decline may continue. Short positions emerge in the market. The MACD indicator stays in the long position and stays near the 0 axis, while the RSI indicator stays in the weak position below the 50 equilibrium line;
Empty turning point: 3681
Pressing: 3703, 3723
Support: 3657, 3636
Trading strategy: 3681 bearish, target 3657, 3636
Alternative strategy: 3681 upside bullish, target 3703, 3723
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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