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1. The three major U.S. stock indices closed mixed, with the Dow Jones Industrial Average up 0.44%, the S&P 500 down 0.16%, and the Nasdaq down 0.76%. Walmart rose nearly 5%, with Caterpillar rising over 4%, leading the Dow higher. The Wind SEV index fell 1.26%, with Nvidia down over 4% and Amazon down over 1%. Most Chinese concept stocks fell, with Zai Lab down nearly 6% and GDS down over 5%. 2. The three major European stock indices closed mixed, with Germanys DAX down 0.62%, Frances CAC 40 down 0.15%, and the U.K.s FTSE 100 up 0.1%. 3. U.S. Treasury yields fell across the board, with the 2-year Treasury yield down 3.54 basis points to 3.489%, the 3-year Treasury yield down 4.70 basis points to 3.486%, the 5-year Treasury yield down 4.17 basis points to 3.606%, the 10-year Treasury yield down 2.50 basis points to 4.028%, and the 30-year Treasury yield down 0.67 basis points to 4.629%. 4. International precious metals futures closed mixed, with COMEX gold futures up 0.64% to $4,159.60 per ounce and COMEX silver futures down 0.17% to $50.35 per ounce. Federal Reserve officials indicated that monetary policy will remain moderately tight. The U.S. government shutdown exacerbated market volatility, and the IMF warned that tariffs are weakening the global growth outlook. 5. The International Energy Agency released a bearish forecast, with the main WTI crude oil contract at $58.59 per barrel; the main Brent crude oil contract fell 1.64% to $62.28 per barrel. 6. Base metal prices fell across the board in London: LME zinc futures fell 2.23% to $2,953.50 per ton, LME copper futures fell 2.05% to $10,598.50 per ton, LME tin futures fell 1.22% to $35,290.00 per ton, LME aluminum futures fell 0.85% to $2,739.50 per ton, LME nickel futures fell 0.66% to $15,105.00 per ton, and LME lead futures fell 0.58% to $1,977.50 per ton.On October 15th, the U.S. Senate failed to pass a procedural vote on October 14th, preventing it from advancing a temporary appropriations bill proposed by the Republicans. The bill required 60 votes to advance, but the vote was 49 in favor and 45 against. It is reported that if passed, the temporary appropriations bill will provide funding for the government until November 21st, but the bill does not address any health care demands put forward by the Democrats.New Zealand Reserve Bank Chief Economist Conway: We must avoid options that threaten the independence of monetary policy operations or ignore medium-term inflationary pressures.Conway, chief economist of the Reserve Bank of New Zealand: We will continue to update our approach to be as prepared as possible to help New Zealand cope with various economic storms that may arise in the future.New Zealand Reserve Bank Chief Economist Conway: Dont expect to use additional monetary policy tools again in the near future.

S&P 500 Price Forecast — Stock Market Looking for Footing

Florala Chen

Aug 24, 2022 15:54

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In the E-mini contract, the S&P 500 has gained a little bit of stability during the Tuesday trading session as we get closer to a critical support level.

Technical Analysis of the S&P 500

In the early stages of the E-mini contract, the S&P 500 has moved in a rather narrow range. Having said that, this week is the Jackson Hole Symposium, which is practically guaranteed to make a lot of noise. In this case, I believe the trading public will be paying great heed to central bankers' pronouncements, which, of course, may sometimes result in complete pandemonium.


In this case, I believe we could have a brief rebound followed by increased selling pressure. The 200-Day EMA is located around 4185, and there is considerable resistance at the 4300 level above. It's also important to pay attention to the 50-Day EMA, which is at 4082 and climbing below; it may provide dynamic support.


I do believe that it is extremely possible that traders will look to the 50-Day EMA to salvage the market upward, regardless of whether or not this turns out to be the case. If we break it down below that, the market is probably just trying to get to the 4000 level. Anything below the 4000 mark indicates that we have once again altered our mentality and that more downside is yet to come.


One thing you can certainly bet on, in my opinion, is a lot of noisy volatility, mostly as a result of the central bankers' ranting in Wyoming. They will almost certainly underline their resolve to battle inflation, which means that monetary policies will continue to tighten throughout the globe.