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SP500: short positions fell sharply

2022-08-29
499
Fundamental analysis:

The S & P 500 index closed down 139.58 points, or 3.32%, at 4059.54 on Friday, August 26; Fed chairman Powell refuted Wall Street's expectation that if the economy weakens in the next few years, the Fed may quickly reverse its course and cut interest rates. This perception drove a rebound in equities and other assets between July and mid August.


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



Technical analysis:


According to the 4-hour chart, the short power fell rapidly, and continued to decline after falling below the previous low. There was no sign of stopping in the short term. MACD index was in the weak consolidation at the lower side of the 0 axis, and RSI index was in the continuous downward movement of the short area;


Long and short turning point: 4068


Pressing position: 4087, 4112


Support position: 4037, 4015


Trading strategy: bearish below 4068, targets 4037 and 4015


Alternative strategy: bullish above 4068, targets 4087 and 4112

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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