SP500: high retracement
The S&P 500 index closed down 44.28 points, or 1.12%, at 3916.00 points on March 17 (Friday); the OIS price corresponding to the Fed meeting shows that the Fed will raise interest rates by about 17 basis points at the March policy meeting, a low 21 basis points at Thursday's close. The March contract fell as low as 4.738% after 2 p.m. in New York.
S&P SP500 - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the high-level short-term momentum reversed and moved down, the market’s short-term sentiment began to emerge, the short-term decline may continue, the MACD indicator is in the long-term area and slowly moves down, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance: 3969 3985
Support level: 3929 3914
Trading strategy: bearish below 3955, target 3929 3914
Alternative strategy: call above 3955, target 3969 3985
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