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SP500: Low bit inversion and upward shift
2022-09-29
1252
Fundamental analysis:
The S&P 500 index closed up 69.53 points, or 1.91%, at 3716.82 on September 28 (Wednesday); The sharp fall of 6.5% in the S&P index means that the probability of US economic recession is 92%, higher than 51% in August. Other assets have issued similar warnings. The current price of base metals indicates that the probability of economic recession is 96%, higher than 84% in August.
S&P SP500 - 4-hour K line chart shows:
Technical analysis:
The 4-hour chart shows that the bearish power remains volatile and slowly declines, the low position is supported and pulled up in the short term, and the bulls wait for an opportunity to enter the market. The MACD index stays in the bearish area and maintains a narrow range and slowly rises, while the RSI index hovers in a weak position near the 50 equilibrium line;
Empty turning point: 3712
Pressing position: 3768, 3804
Support position: 3674, 3633
Trading strategy: bullish above 3712, target 3768, 3804
Alternative strategy: 3712 bearish, target 3674, 3633
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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