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SP500: high retracement
2023-02-03
971
Fundamental analysis:
The S&P 500 index closed up 59.49 points, or 1.44%, at 4178.70 points on February 2 (Thursday); the non-agricultural productivity growth in the fourth quarter of the United States was the largest in a year, and the growth rate of unit labor costs slowed down. Meaning, if sustained, inflationary pressures in the US will slow further.
S&P SP500 - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum continues to fluctuate and the upward trend continues, the short-term highs encounter resistance and shocks, the market bearish sentiment has signs of waiting for opportunities to enter the market, the MACD indicator is slowly rising in the bullish zone, and the RSI indicator is hovering at a high level in the bullish zone;
Long-short turning point: 4181
Suppression: 4198, 4215
Support: 4158, 4141
Trading strategy: bearish below 4181, target 4158, 4141
Alternative strategy: call above 4181, target 4198, 4215
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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