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According to Axios: Meetings between Qatari and Iranian officials in Tehran are still ongoing.On July 10, a symposium on research and consultation regarding the construction of a modern industrial system was held in Beijing to discuss the findings of key investigations and research conducted by relevant democratic parties and the All-China Federation of Industry and Commerce. Wang Huning, member of the Standing Committee of the Political Bureau of the CPC Central Committee and Chairman of the National Committee of the Chinese Peoples Political Consultative Conference, attended and delivered a speech. He stated that building a modern industrial system is a major strategic deployment made by the CPC Central Committee with Comrade Xi Jinping at its core, based on a profound understanding of the new round of technological revolution and industrial transformation, and a deep analysis of the situation and tasks of comprehensively building a modern socialist country. We must thoroughly study and implement General Secretary Xi Jinpings important expositions on building a modern industrial system, implement the tasks and deployments of the Fourth Plenary Session of the 20th CPC Central Committee regarding building a modern industrial system and consolidating and strengthening the foundation of the real economy, and earnestly carry out research, consultation, and policy advice work to contribute to building a new development pattern, promoting high-quality development, and advancing Chinese-style modernization.According to the Islamic Republic News Agency (IRNA), the Iranian memorial service will begin tonight and last for three nights.On July 10th, ING economists Marieke Blom and Amrita Naik Nimbalkar stated in a report that if the Eurozones savings rate falls to pre-pandemic levels, it could unleash demand for goods and services worth approximately 1% of GDP. In the first quarter of this year, household savings accounted for 14.3% of disposable income, higher than the five-year pre-pandemic average of 12.5%. In the US, the savings rate is projected to reach 10.2% by the last quarter of 2025, a level that could add nearly 2% to Eurozone GDP. With higher mortgage rates, slower credit growth, and precautionary saving dragging down spending, consumption is expected to remain weak. However, they stated that the shift from bank deposits to investments could lay the foundation for stronger spending and domestic demand in the coming years.July 10 (Futures News) – According to foreign media reports, the EU grain trade association Coceral stated on Friday that, due to the impact of high temperatures in Europe, it has lowered its forecast for EU and UK soft wheat production this year from 143.7 million tons in June to 140.8 million tons. The association also lowered its forecast for EU and UK corn production, from 57.2 million tons previously to 52.7 million tons.

S&P 500 Reached 4,000 – Is Bear Market Over?

Cory Russell

Nov 15, 2022 17:16

After gaining by 5.5% on Thursday, the S&P 500 index gained by 0.92% on Friday. The market remained positive after the release of the Consumer Price Index on Thursday, and the index for the entire stock market rose to its highest level since September 13. On Friday, the day's high was 4,001.48.


This morning's opening of the S&P 500 index is predicted to be 0.3% lower. We might see a profit-taking strategy at some time. There haven't, however, been any unambiguous early warning indications.


On the daily chart, we can see that the S&P 500 index broke over its prior regional highs last week and hit the 4,000 level.

Futures Contract with Short-Term Uncertainty

Let's examine the hourly chart for the S&P 500 futures contract. It barely climbed beyond the 4,000 level on Friday. It appears to be in a short-term consolidation phase right now, or it may be a flat decrease within an uptrend. Among other things, the resistance level is between 4,000 and 4,050.


In our opinion, there are presently no positions that are warranted in terms of risk versus reward.

Conclusion

The stock market is anticipated to vary after last week's huge increase from Thursday to Friday. The S&P 500 index may pause after reaching 4,000 last week. The market appears to be briefly overbought, so during the trading day we might see some profit-taking. There haven't, however, been any unambiguous early warning indications.

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