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SP500: High level plummets
2022-11-03
1053
Fundamental analysis:
The S&P 500 index closed down 97.25 points, or 2.52%, at 3758.85 on November 2 (Wednesday); The Federal Reserve raised the benchmark interest rate by 75 basis points to 3.75% - 4.00%, which is 75 basis points for four consecutive interest rate hikes. This year, the cumulative interest rate hikes have been 375 basis points. The discount rate was raised from 3.25% to 4.00%.
S&P SP500 - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the power of high short positions has dropped rapidly, and the short-term decline may continue. Short positions emerge in the market. The MACD index is in a weak shock under the 0 axis, and the RSI index is in a weak consolidation under the 50 equilibrium line;
Empty turning point: 3777
Pressing: 3802, 3825
Support: 3742, 3719
Trading strategy: bearish under 3777, target 3742, 3719
Alternative strategy: bullish above 3777, target 3802, 3825
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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