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The Dow Jones Industrial Average rose 104.67 points, or 0.20%, to close at 53,568.55 on Thursday, August 27; the S&P 500 rose 55.10 points, or 0.72%, to close at 7,730.80; and the Nasdaq Composite rose 411.16 points, or 1.57%, to close at 26,541.35.August 28th - U.S. stocks closed Thursday with the Dow Jones Industrial Average up 0.2%, the S&P 500 up 0.7%, and the Nasdaq Composite up 1.57%. SK Hynix (SKHY.O) rose 2%, Tesla (TSLA.O) rose 2.6%, Nvidia (NVDA.O) rose 8.7%, and Broadcom (AVGO.O) rose 4%. The Nasdaq China Golden Dragon Index fell 0.74%, Baidu (BIDU.O) rose 4%, and Alibaba (BABA.N) fell 3%.According to the Financial Times, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) will release a new set of rules on Thursday.August 28th - According to sources, US President Trump is expected to meet with US refiners and fuel retailers next week to discuss measures to lower gasoline prices. With the November midterm elections approaching, the Trump administration is seeking to alleviate the pressure on consumers caused by the Iran war. Companies expected to attend include refiners such as Valero Energy, Marathon Oil, and PBF Energy, as well as major fuel retailers. Republicans are trying to maintain their slim majority in Congress in the November elections. Currently, the price of regular gasoline in the US remains above $4 per gallon, about $1 higher than a year ago. The Iran war has disrupted global energy markets and led to tighter supplies of gasoline and other refined products. Major US oil companies and refiners reported strong second-quarter results. These results have drawn criticism from Trump, who believes that oil companies benefiting from price increases should do more to reduce costs for consumers. He has publicly pressured major oil producers and refiners to lower prices.On August 28th, it was learned that a U.S. federal judge lifted a nationwide injunction on August 26th against new rules for mail-in ballots issued by the U.S. Postal Service. The new rules required states to redesign ballot envelopes and upload voter lists to the Postal Service; if these requirements were not met, the Postal Service could refuse to mail the ballots. It is understood that the U.S. government had repeatedly proposed deploying federal law enforcement officers or Immigration and Customs Enforcement (ICE) personnel near polling stations, and the Department of Justice was also preparing to deploy approximately 1,000 election watchdogs. However, many of these measures still face legal and political obstacles.

S&P 500 Price Forecast – S&P 500 E-mini Testing a Major Trend Line

Jimmy Khan

Dec 02, 2022 16:25


Technical Analysis of the S&P 500

Following the release of the PCE statistics, which showed a 0.3% month over month increase, the S&P 500 E-mini contract had some bumpy trading on Thursday. As we test the big downtrend line that we have been heading toward for some time, the market is still still likely to experience significant volatility.


Additionally, you should keep in mind that the Friday release of the jobs report will undoubtedly have an impact on this market and may lead to significant volatility. Pullbacks at this time make some sense, but if that number is a little disappointing, we might potentially see a significant breakout.


The 200-Day EMA, which is currently at the level of 4024, ought to provide dynamic support. I believe it is highly likely that we would decline to the 3950 level if we were to break down below that level.


Remember that we might be witnessing the start of the "Santa Claus rally," which occurs at the end of the year when money managers attempt to sell their books to make up for mistakes made over the year. It is still up for debate as to whether or not it will actually transpire because it is not required.


Jerome Powell played a significant role in yesterday's events because of his speech's balance, which Wall Street naturally saw as being exceptionally dovish. We've seen this before, and usually what happens is that US markets will rise briefly before falling back again.

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