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