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SP500: wide oscillation

2023-01-04
585
Fundamental analysis:
The S&P 500 index closed down 15.75 points, or 0.41%, at 3823.75 points on January 3 (Tuesday); the monthly rate of construction spending in the United States in November: This is good news for GDP in the fourth quarter. In 2023, the U.S. infrastructure spending bill will actually kick in, which should prompt further steps on the part of the government as homebuilding in the U.S. is slowing sharply.

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



Brief technical analysis:
Looking at the 4-hour chart: In the short-term entanglement with the low level to maintain a wide range of shocks, the market’s short momentum is still there, and there is no sign of getting out of the low range. The MACD indicator is hovering around the 0 axis, and the RSI indicator is in a weak order below the 50 balance line;
Long-short turning point: 3853
Suppression: 3874, 3895
Support: 3820, 3801
Trading strategy: bearish below 3853, target 3820, 3801
Alternative strategy: call above 3853, target 3874, 3895

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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