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SP500: low sharp drop

Fundamental analysis:

The S&P 500 index closed down 72.31 points, or 1.81%, at 3,919.70 points on March 9 (Thursday); the number of Americans filing for unemployment benefits last week was higher than expected, recording 211,100 people, after seven consecutive weeks of data Fewer than 200,000 people were recorded. A higher-than-expected jobless count eased concerns that a hot labor market would push the Fed toward a hawkish turn.

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

Brief technical analysis:

Looking at the 4-hour chart: the short-term short-term momentum has fallen sharply, the short-term decline continues to move downward, the market as a whole is in a bearish mood, the MACD indicator is in the bearish zone and slowly moving down, and the RSI indicator is in the bearish zone and is weakly declining;

Resistance: 3932 3942

Support level: 3907 3897

Trading strategy: bearish below 3922, target 3907 3897
Alternative strategy: call above 3922, target 3932 3942

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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