The S&P 500 index closed down 34.09 points, or 0.85%, at 3958.84 on November 14 (Monday); Although there is a risk of recession in the US economy, other major economies in the world, especially European countries, are likely to fall into recession earlier than them. The monetary tightening policy of these central banks is also expected to turn earlier in the future. Therefore, the US dollar will remain a relatively strong currency.
S&P SP500 - 4-hour K line chart shows:
The 4-hour chart shows that after the bulls' momentum rapidly rose, the market's bulls' momentum weakened, and the bears' momentum waited for an opportunity to enter the market. The MACD index was at the high level in the bulls' area and the RSI index began to slowly decline in the bulls' area;
Empty turning point: 3983
Pressing: 4003, 4018
Support: 3961, 3946
Trading strategy: bearish under 3983, target 3961, 3946
Alternative strategy: bullish above 3983, target 4003, 4018