CM Trade

Download APP to receive bonus

GET

SP500: Bulls climb higher

2023-01-23
468
Fundamental analysis:

The S&P 500 index closed up 72.15 points, or 1.85%, at 3,971.00 points on January 20 (Friday); U.S. existing home sales in December fell to the lowest level in more than 10 years, and the total number of U.S. existing home sales in December declined at an annualized rate 1.5% to 4.02 million, the lowest level since 2010, and the transaction volume has declined for 11 consecutive months.

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



Brief technical analysis:

Looking at the 4-hour chart: the bullish momentum is rising rapidly, the market is shrouded in bullish sentiment, the short-term bullish momentum is emerging rapidly, the MACD indicator is in the short area and moves up, and the RSI indicator maintains shocks and moves up to the 50 balance line.

Long-short turning point: 3983

Suppression: 3997, 4010
Support: 3970, 3958

Trading strategy: Bullish above 3983, target 3997, 4010
Alternative strategy: bearish below 3983, target 3970, 3958

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.

Free Access
Daily Trading Strategy
Download Now

CM Trade Mobile Application

Economics Calendar

More