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Gold prices dipped slightly on November 14th, but are still on track for a weekly gain of over 4% as markets grapple with uncertainty surrounding the massive backlog of economic data following the end of the longest government shutdown in U.S. history. Analysts at Sucden Financial stated, "If government agencies dont return to work in time, several key reports, particularly the October CPI and employment reports, may never be released, leaving the market with fewer anchor data than usual in the fourth quarter." The interest rate outlook remains uncertain, with traders currently pricing in a 50% probability of a December rate cut, according to the FedWatch tool. Despite this, gold continues to be supported by central bank purchases and investors seeking to hedge fiscal risks.Airbus shares in Europe fell 2.6%, leading the decline in the French CAC 40 index.LSEG data shows that investors have lowered their expectations for a Bank of England rate cut next year, now expecting a 58 basis point cut by the end of 2026 (down from 64 basis points on Thursday).On November 14th, Actions Technology announced that, in order to advance its globalization strategy and overseas business layout, and enhance its brand influence and core competitiveness, the company is planning to issue overseas shares (H shares) and list on the Hong Kong Stock Exchange. Details are yet to be finalized and will not result in a change of the companys controlling shareholder or actual controller. Once the specific plan is determined, it will need to be submitted to the companys board of directors and shareholders meeting for review, and approved, authorized, or filed by relevant regulatory authorities. This matter involves significant uncertainty; investors are advised to be aware of investment risks.The head of the Japan Automobile Manufacturers Union Federation stated that the auto industry is facing a crisis, but raising wages is key to achieving a demand-driven economy.

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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