The S&P 500 index closed down 31.93 points, or 0.80%, at 3959.80 on November 16 (Wednesday); The large amount of savings accumulated during the COVID-19 pandemic, as well as the strong growth of wages in the tight labor market, have generally helped consumers withstand the test of rising prices and rising borrowing costs. As the tightening monetary policy curbs the overall demand and puts pressure on the labor market and economy, it is expected that this support will fade next year.
S&P SP500 - 4-hour K line chart shows:
The 4-hour chart shows that high short-term narrow range shocks, market bearish sentiment starts to slowly enter the market, and the short-term decline may continue. The MACD indicator is in the long region and the RSI indicator is in the weak hovering near the 50 equilibrium line;
Empty turning point: 3983
Pressing: 4008, 4030
Support: 3953, 3930
Trading strategy: bearish under 3983, target 3953, 3930
Alternative strategy: bullish above 3983, target 4008, 4030