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SP500: Pulling up meets resistance
2023-03-16
892
Fundamental analysis:
The S&P 500 index closed down 24.96 points, or 0.64%, to 3895.60 points on March 15 (Wednesday). The monthly rate of U.S. retail sales in February was -0.4%, expected to be -0.3%, and the previous value was 3.00%. The monthly rate of U.S. retail sales in February was lower than expected, and the annual rate of PPI in February was lower than expected.
S&P SP500 - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low-level long-term momentum is strongly pulled up and encountered resistance, short-term or entangled with shocks near this level, the market as a whole is slowly moving upwards, the MACD indicator is in the short-selling area, and the RSI indicator is hovering weakly near the 50 balance line;
Resistance: 3901 3909
Support level: 3881 3874
Trading strategy: bearish below 3893, target 3881 3874
Alternative strategy: call above 3893, target 3901 3909
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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