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Italian oil company Eni: is cooperating with Venezuela and other authorities on energy “revival”.According to Japans Kyodo News, several Japanese companies have formed a development alliance to jointly develop artificial intelligence technology for robots used in industrial applications.Iceland held a referendum on August 29th to vote on whether to restart negotiations to join the European Union. Iceland has a population of approximately 400,000. The referendum began at 9:00 AM local time on the 29th. Voters simply chose "yes" or "no." Casting a "yes" vote signifies agreement to authorize the government to restart EU accession negotiations. Counting will begin after voting closes at 10:00 PM that day. Iceland applied to join the EU and initiated related negotiations in 2009. In 2013, a Eurosceptic government came to power and suspended negotiations. Some analysts believe that if Iceland ultimately joins the EU, it could have a demonstration effect on other non-EU countries in Europe.On August 29, local time, the State Emergency Service of Ukraine issued an update stating that the Kyiv region, following an attack in the early hours of the morning, was again subjected to Russian military strikes. Multiple logistics infrastructure sites within the region were hit, triggering large-scale fires. Local rescue forces are currently engaged in firefighting and post-disaster recovery efforts. Russia has not yet responded to the attacks.On August 29, Zhu Zhongming, Deputy Secretary of the Shanghai Municipal Committee and Secretary of the Party Group of the Shanghai Municipal Government, chaired a meeting of the Party Group of the Municipal Government. The meeting emphasized the need to consolidate the positive economic trend, expand consumption and investment, stabilize foreign trade and foreign investment, and accelerate the construction of a modern industrial system. It stressed the importance of focusing on the important mission of building the "Five Centers" (center, center, and international exchange) and continuously strengthening the "Four Major Functions." The meeting called for deepening high-level reform and opening up, strengthening the guiding role of major national strategic tasks, and comprehensively and vigorously promoting pioneering reforms and leading opening up. It also stressed the need to steadily improve the level of peoples livelihood, adhering to the principle of reserving the best resources for the people and serving the people with high-quality services, ensuring that citizens sense of gain, happiness, and security continues to increase. Finally, the meeting emphasized the need to pay more attention to coordinating development and security, strengthening the investigation and rectification of various risks and hidden dangers, and making every effort to protect the lives and property of citizens.

S&P 500, Nasdaq 100 Price Outlook for The Week Ahead

Alice Wang

Aug 08, 2022 15:10

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All speculation that the Fed will lower the rate of interest rate increases has now been put on hold as the central bank continues to aim for persistently high inflation in the wake of Friday's labor report. The most recent NFP data, which shows the US employment market in excellent condition, refutes recent rumors that the Fed may change course on interest rates in response to a slowing economy.


The Fed will have greater freedom to raise rates higher and quicker thanks to today's publication, but it is just one piece of information. Although the Fed uses semantics to claim that everything is OK, a study at the US Treasury market reveals that the UST2s/10s curve is inverting even further, presently at a level of roughly -40bps. Data releases are still crucial, as usual, and Fed talk also has to be carefully monitored.


Next week, all eyes will be on the inflation data released on Wednesday, with another little increase in core inflation predicted. However, if this data reveals dropping inflation, it would encourage ideas of a "soft landing" in the US, giving the Federal Reserve its ideal situation.


The Nasdaq 100's latest rise tried and failed to breach trend resistance off the high from late December 2021. The tech-heavy indexes have been on the rise recently, rising more than 20% from their low on June 16. Trading may soon go back to the "sell the rise" habit that has worked them so well since the end of 2021 as the current "buy the decline" mentality during the previous six weeks seems to be done for the time being.

AUGUST 5, 2022: NASDAQ 100 DAILY PRICE CHART

In addition, the S&P 500 rise has been stopped after reaching a new two-month high this week. While the S&P 500 will continue to be under pressure, the downside for the indices will probably be more constrained than the tech-heavy Nasdaq. The indexes have made a series of higher lows over the last 6 to 8 weeks.

August 5, 2022 in the S&P 500 Daily Price Chart

According to statistics from retail traders, 1.66 traders for every 1 short trader shows a net long position of 37.63 percent. While the number of traders who are net-long is up 3.09 percent from yesterday and down 0.15 percent from the previous week, the number of traders who are net-short is up 0.77 percent from yesterday and up 17.15 percent.


We often adopt a contrarian stance to the general consensus, and the fact that traders are net-short means that US 500 prices may climb in the future.


Positioning is more net-short from last week than it was yesterday. We have a further mixed US 500 trade bias based on the current mood and previous adjustments

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