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Bank of Canada Governor Macklem: We are still watching for impending price pressures.Bank of Canada Governor Macklem: Falling oil prices have reduced some upside inflation risks.Bank of Canada Governor Macklem: The interim peace agreement reached between Iran and the United States is "very welcome news".On June 23, Wang Yi, member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Foreign Affairs Commission, summarized the achievements and significance of the BRICS High Representatives Meeting on Security Affairs before its conclusion. Wang Yi stated that the important consensus reached at the meeting was that all members support upholding multilateralism, promoting political solutions to hotspot issues, and coordinating responses to traditional and non-traditional security threats. The common message from the meeting was that all members support BRICS and the Global South in upholding independence and self-reliance, strengthening solidarity and mutual assistance, pooling more collective wisdom, and coordinating stronger joint actions. The clear direction established by the meeting was that all members support further utilizing the BRICS Security Representatives mechanism to maintain communication and coordination on major international and regional hotspots, and continuously enrich the content of "Greater BRICS" cooperation. Wang Yi said that China will assume the BRICS rotating presidency next year. He looked forward to everyone gathering again in China to further deepen BRICS political and security cooperation and contribute BRICS wisdom and strength to world peace and security.On June 23, Russian Deputy Prime Minister Novak stated that while the current fuel market situation is complex, it is generally under control, and Russia is capable of addressing the current challenges. A ban on diesel exports is currently being considered. Refinery maintenance work has been postponed. Oil companies have already increased fuel production to maximum levels. Furthermore, fuel reserves are being utilized. Tax proposals have been put forward, and a tax reform plan is being drafted to increase fuel supply.

S&P 500 Price Forecast – Stock Markets Continue to Struggle

Alice Wang

Jul 15, 2022 15:54

Technical Analysis of the S&P 500

Due to the ongoing pessimism, the S&P 500 has decreased somewhat during Thursday's trading session. At this time, it seems as if the market is prepared to go further, maybe attempting to approach the most recent lows at the 3637 level. In the end, this market should continue to see a lot of agitated behavior. I believe that fading rallies will remain a significant problem. The 50 Day EMA is now hanging in the general vicinity of the 3950 level, which serves as the ceiling at this time.


Ultimately, your indication to become engaged will be when you start to feel exhausted after brief rallies. Given the lack of global growth and the fact that inflation is still a problem, I do believe the downward trend will continue. Additionally, the Federal Reserve is rapidly tightening monetary policy, and as a result, a 100 basis point interest rate rise is being predicted. Due to the fact that the S&P 500 contains so many significant exporters, it is extremely probable that we will continue to see significant problems with the global economy.


In the end, a running season is approaching, so there could be some "hopium" waiting to happen, but after hearing J.P. Morgan declare, "We have never seen an economic scenario like this," during its results presentation, I don't think this earnings season will be cause for celebration. After a rally, I will suppress any indications of tiredness.

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