In the technical analysis perspective, the pattern in the S&P 500 4-hour chart showed the M formation & Head and Shoulders. It also kept rejecting to break the price level of 2640-2642 and then break through the neckline. We can understand the previous support now becomes the resistance as the EMA 50 is kept rejected as well. Hence, according to the Fibonacci, I expect it will at least retrace to the 2350.7 which is also a 0.618 strong level.
On the fundamental wise, President Trump has announced the unlimited QE action and push more and more money to meet the circulation. However, I think the stock market has been pre-reacted the news so the stock market has rebounded in the last weeks. After the stock market has digested the unlimited QE, lately Friday has also announced the NFP result; the actual unemployment rate in March has hit 4.4 per cent, which is also greater than the forecast rate. This will have an impact on the stock & futures market, after all, the seriousness of COVID-19 in the state is not a joke, that's even sets the global record with 1480 deaths in 24 hours lately.
In Nutshell, we can expect the next level of bearish is coming since I do not think the reduction of oil supply will give any advantages to the stock market.
* Tell me what is your ideas on the stock market, drop a like and comment at below!
On the fundamental wise, President Trump has announced the unlimited QE action and push more and more money to meet the circulation. However, I think the stock market has been pre-reacted the news so the stock market has rebounded in the last weeks. After the stock market has digested the unlimited QE, lately Friday has also announced the NFP result; the actual unemployment rate in March has hit 4.4 per cent, which is also greater than the forecast rate. This will have an impact on the stock & futures market, after all, the seriousness of COVID-19 in the state is not a joke, that's even sets the global record with 1480 deaths in 24 hours lately.
In Nutshell, we can expect the next level of bearish is coming since I do not think the reduction of oil supply will give any advantages to the stock market.
* Tell me what is your ideas on the stock market, drop a like and comment at below!