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SP500: Bears down

Fundamental analysis:

The S&P 500 index closed down 60.82 points, or 1.50%, at 3987.60 points on March 7 (Tuesday);Comments from Fed Chairman Jerome Powell turned more hawkish. Given Powell's hawkish comments, it is not surprising that the market is pricing in a terminal rate of 5.75%. Analysis of the SOFR options market shows that the market was already leaning towards higher terminal rates before Powell's comments.

S&P SP500 - 4-hour K-line chart shows:

Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen sharply, and the short-term decline may continue. The market as a whole is in a bearish mood. The MACD indicator is in the bullish area and moves down to hover around the 0 axis. The RSI indicator is below the 50 balance line.

Resistance: 4008 4022

Support: 3978 3968

Trading strategy: bearish below 3995, target 3978 3968
Alternative strategy: call above 3995, target 4008 4022

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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