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SP500: strong climb
2023-05-28
741
Fundamental analysis:
The S&P 500 index closed up 53.20 points, or 1.28%, at 4,204.48 points on May 26 (Friday). The core PCE, an inflation indicator closely watched by the Federal Reserve, rose both month-on-month and year-on-year in April. In the next few months, U.S. stocks seem to remain in a limited range and still see downside risks prevailing. The stock market may face more pressure next month as investors prefer cash as a safe asset due to signs of a possible recession.
S&P SP500 - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum is rising strongly, the short-term bullish sentiment is shrouded, the market bulls continue to rise, the MACD index maintains shocks and moves up to the upper side of the 0 axis, and the RSI index is in a weak order on the upper side of the 50 balance line;
Resistance level: 4221 4228
Support level: 4200 4192
Trading strategy: Bullish above 4207, target 4221 4228
Alternative strategy: bearish below 4207, target 4200 4192
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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