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SP500: weak move down
2023-03-01
940
Fundamental analysis:
The S&P 500 index closed down 11.64 points, or 0.29%, at 3970.60 points on February 28 (Tuesday). The Conference Board consumer confidence index in the United States recorded 102.9 in February, the second consecutive month of decline. The expectations index is now well below 80 -- a level that typically signals a recession next year.
S&P SP500 - 4-hour K-line chart shows:
Brief technical analysis:
Looking at the 4-hour chart: the low position is weak and fluctuates within a narrow range, the market’s bearish sentiment remains, and there is a trend of continuing to move downward in the short term. The MACD indicator is in the short-term area and maintains consolidation, and the RSI indicator is hovering below the 50 balance line;
Long and short turning point: 3975
Suppression: 3991, 4005
Support: 3952, 3937
Trading strategy: bearish below 3975, target 3952, 3937
Alternative strategy: call above 3975, target 3991, 4005
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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