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SP500: Vibration lifting

2022-11-07
654
Fundamental analysis:

The S&P 500 index closed up 51.51 points, or 1.38%, at 3771.40 on November 4 (Friday); The US added 261000 non farm jobs in October, better than the expected 200000. Before the release of this report, the possibility of the Federal Reserve raising interest rates by 75 basis points was 60%, and the remaining possibility was 50 basis points. After that, the probability of raising interest rate by 75 basis points rose to 64%. Non farm employment continued to rise. The rise in unemployment is obvious, but it comes from the low participation rate.


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



Technical analysis:


The 4-hour chart shows that after maintaining a narrow range of shocks in the short term, the bulls' momentum rapidly rose, and the market bulls' sentiment began to emerge. The MACD index was sorted in the short position area, and the RSI index was in the short position area and slowly rose to hover around the 0 axis;


Empty turning point: 3770


Pressing: 3801, 3822


Support: 3750, 3732


Trading strategy: bullish above 3770, target 3801, 3822


Alternative strategy: bearish under 3770, target 3750, 3732

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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