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SP500: shock retracement
2023-02-06
982
Fundamental analysis:
The S&P 500 index closed down 43.72 points on February 3 (Friday), or 1.05%, to 4136.04 points; the overall employment data in the United States in January was much higher than economists’ estimates. Needless to say, this will be a firm test of the market's bullish view on almost everything so far in 2023. A much stronger-than-expected jobs report could end up convincing markets that the Fed won't cut interest rates this year.
S&P SP500 - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: After the high-level short-term dynamics remained volatile, there were signs of a retracement and downward movement. The market’s short-term sentiment began to emerge slowly.
Long and short turning point: 4154
Suppression: 4171, 4188
Support: 4131, 4116
Trading strategy: bearish below 4154, target 4131, 4116
Alternative strategy: call above 4154, target 4171, 4188
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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