SP500: Narrow shock
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
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