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SP500: Bears down
2023-05-04
777
Fundamental analysis:
The S&P 500 Index closed down 28.78 points, or 0.70%, at 4090.80 points on May 3 (Wednesday). The number of ADP employment in the United States in April was 296,000, which was expected to be 148,000, and the previous value was 145,000. The largest increase since July 2022. U.S. private companies added 296,000 jobs in April, pointing to a hiring spree even as wage growth for job-changers slowed sharply.
S&P SP500 - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the short-term momentum has fallen rapidly, the short-term decline has not stopped, the market is shrouded in bearish sentiment, and there is a trend of continuous downward movement in the short term, the MACD indicator is below the 0 axis and continues to move downward, and the RSI indicator is below the 50 balance line. Regional weak consolidation;
Resistance: 4108 4117
Support: 4087 4079
Trading strategy: bearish below 4099, target 4087 4079
Alternative strategy: call above 4099, target 4108 4117
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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