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SP500: bears down

2023-05-31
773
Fundamental analysis:

The S&P 500 index closed up 0.48 points, or 0.01%, at 4205.93 points on May 30 (Tuesday); the market raised the target of the S&P 500 index from the previous 4100 points to 4250 points, which was higher than the closing price last Friday 1 percent, citing improved earnings expectations, fewer layoffs in key industries and changing models.

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



Brief technical analysis:

Looking at the 4-hour chart: the momentum of high-level short positions has fallen sharply, and the short-term decline may continue. The market as a whole is in a downward trend of high-level short positions.

Resistance: 4227 4235

Support level: 4206 4199

Trading strategy: bearish below 4220, target 4206 4199
Alternative strategy: call above 4220, target 4227 4235

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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