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SP500: wide oscillation

2023-01-05
604
Fundamental analysis:
The S&P 500 index closed up 28.36 points, or 0.74%, at 3852.50 points on Wednesday, January 4; Fed officials emphasized their determination to fight inflation last month and warned that "unreasonable" relaxation of financial conditions would weaken the Fed's ability to achieve price stabilization efforts. Ahead of the meeting, markets were pricing in a Fed rate cut in the second half of 2023.


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



Brief technical analysis:
Looking at the 4-hour chart: the bullish momentum maintains a narrow range of fluctuations and slowly goes up, the low-level bullish sentiment slowly emerges, the MACD indicator is weakly hovering around the 0 axis, and the RSI indicator is weakly finishing near the 50 balance line;
Long-short turning point: 3862
Suppression: 3892, 3915
Support: 3841, 3820
Trading strategy: Bullish above 3862, target 3892, 3915
Alternative strategy: bearish below 3862, target 3841, 3820

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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