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SP500: Narrow shock

2023-03-09
914
Fundamental analysis:

The S&P 500 index closed up 5.91 points, or 0.15%, at 3992.28 points on March 8 (Wednesday). The Fed may raise interest rates to a level higher than previously expected in order to curb sticky high inflation. The market welcomes the upcoming U.S. non-farm payrolls data for February.

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



Brief technical analysis:

Looking at the 4-hour chart: the market is shrouded in bearish sentiment, short-term narrow-range consolidation, the market as a whole is in a weak position, the MACD index is hovering below the 0 axis, and the RSI index is below the 50 equilibrium line for consolidation;

Resistance: 4008 4018

Support: 3984 3973

Trading strategy: bearish below 3957, target 3984 3973
Alternative strategy: call above 3957, target 4008 4018

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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