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SP500: low down

2023-02-22
954
Fundamental analysis:

On February 21 (Tuesday), the S&P 500 index closed down 80.55 points, or 1.97%, to 3998.54 points; the initial value of the Markit service industry PMI in the United States in February was 50.5, the expected value was 47.5, and the previous value was 46.8. A new high since June 2022.

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



Brief technical analysis:

Looking at the 4-hour chart: the short-term momentum has fallen sharply at a low level, and the short-term decline has not stopped. The market's bearish sentiment has emerged. The MACD indicator is in the bearish area and slowly moves down, and the RSI indicator is below the 50 balance line.

Long-short turning point: 4013

Suppression: 4026, 4039
Support: 3997, 3985

Trading strategy: bearish below 4013, target 3997, 3985
Alternative strategy: call above 4013, target 4026, 4039

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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