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SP500: High level wandering

Fundamental analysis:

The S&P 500 index closed down 15.41 points, or 0.39%, at 3949.93 on November 21 (Monday); Goldman Sachs warned that the performance of global stock markets in 2023 will still not be very good, and those investors who now want to enter the market to copy the bottom will be disappointed. By the end of 2023, the S&P 500 index will hover around 4000, which means that the index will grow by less than 1% compared with the current level.

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

Technical analysis:

The 4-hour chart shows that the high short-term narrow range weak trend has been sorted out, the market momentum has become anxious, the MACD index is at 0, and the weak trend lingers near the end, and the RSI index is at 50, the weak trend has been sorted out near the equilibrium line;

Empty turning point: 3950

Pressing: 3982, 4005

Support: 3928, 3909

Trading strategy: bullish above 3950, target 3982, 4005

Alternative strategy: bearish under 3950, target 3928, 3909

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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