Mingling at almost two years low, S&P500 may falter further?
“S&P500 spells trouble as optimism towards Fed aggressive mode hurts sentiment towards US equities.”
S&P500 plunge to its lowest level in almost two years as investors worry that a super aggressive Fed in tightening monetary policy may jeopardize business earnings and growth. Equities in US came under pressure since last two months after several Fed officials raised their concern over rising inflationary pressure. Market selloff deepens further as latest monetary policy signaled for yet another rate hike by end of the year.
Quick recap of S&P500
The index remains traded within a descending channel as previous attempts to extend its recovery falters.
S&P500 Weekly Technical Analysis
From weekly perspective, S&P500 was traded lower while it attempts to close below 200-MA line.
S&P500 Daily Technical Analysis
From daily perspective, S&P500 continues to test near 3663, a key focus for further bearishness ahead.
ORDER: SELL STOP
STOP LOSS: 3700
Target 1: 3500
Target 2: 3390
Risk Warning: The above content is for reference only, and does not represent ZFX’s position. ZFX does not assume any form of loss caused by any trading operations carried out in accordance with this article. Please be firm in your thinking and do the corresponding risk control.
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