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SP500: shock retracement

Fundamental analysis:

The S&P 500 index closed down 7.94 points, or 0.19%, at 4129.70 points on May 11 (Thursday). The market expects producer prices (PPI) to rise month-on-month (down last month), but the year-on-year growth rate will further slow down. After falling 0.5% MoM in March, PPI rose 0.2% MoM in April (less than 0.3% expected), which slowed the year-on-year growth to 2.3% (2.7% previously, 2.5% expected).

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

Brief technical analysis:

Looking at the 4-hour chart: the high-level shorts fluctuated and retreated, the market was shrouded in short-term sentiment, and there were signs of continued downward movement in the short term. The MACD index was hovering weakly above the 0 axis, and the RSI index was weakly finishing near the 50 balance line;

Resistance: 4156 4164

Support level: 4136 4126

Trading strategy: bearish below 4147, target 4136 4126
Alternative strategy: call above 4147, target 4156 4164

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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