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SP500: shock retracement

Fundamental analysis:

The S&P 500 index closed down 18.97 points, or 0.46%, at 4119.15 points on May 9 (Tuesday). The Federal Reserve Bank of New York released survey results showing that people are worried about long-term inflationary pressures and the risk of unemployment. Median inflation expectations for the year ahead fell 0.3 percentage point to 4.4%, but median inflation expectations for the next three and five years rose 0.1 percentage point to 2.9% and 2.6%, respectively. People also saw a 1.1 percentage point increase in the likelihood that the unemployment rate would rise a year from now, to 41.8%.

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

Brief technical analysis:

Looking at the 4-hour chart: The short-term dynamics fluctuated and retreated, and the market’s bearish sentiment began to emerge. In the short term, it will continue to move downward. The MACD indicator is in a narrow range on the upper side of the 0 axis, and the RSI indicator is hovering weakly near the 50 balance line;

Resistance: 4147 4157

Support level: 4124 4116

Trading strategy: bearish below 4138, target 4124 4116
Alternative strategy: call above 4138, target 4147 4157

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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