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September 5th - According to Axios, Republican confidence in the economy has plummeted at an unprecedented rate since the pandemic began over the past six months, a decline comparable to that during the global financial crisis nearly two decades ago. Typically, the ruling party is more optimistic about the economy, while the opposition is far more pessimistic. However, the current situation is unusual; even with Republicans in the White House, Republican voters are increasingly negative about the economy this year. With only two months left until Election Day, this adds another ominous sign for Trump. The director of the University of Michigans consumer survey stated that most of the time, Republican and Democratic confidence in the economy moves roughly in parallel, but this is not the case now. Republicans initially had very positive expectations for the governments economic policies (including tariffs), but they have seen neither a slowdown in inflation, let alone the price reductions promised by Trump.September 5th - The U.S. military stated on the 4th that it has shot down more than 300 drug cartel drones along the U.S.-Mexico border this year. The U.S. Northern Command issued a statement that day saying that the U.S. military has used both kinetic and non-kinetic systems to shoot down more than 300 drones this year to support U.S. Customs and Border Protection, including more than 100 in August. The U.S. military began using the Army Multipurpose High Energy Laser (MLLS) system in border operations on August 24th, and as of September 4th, it had used the system to shoot down 11 drug cartel drones. The U.S. military began using the Army Multipurpose High Energy Laser (MLLS) system in border operations on August 24, and as of September 4, it had used the system to shoot down 11 drug cartel drones.September 5th - Just earlier this year, France completed the domestic consolidation of all its official gold reserves, completely clearing out its custodial holdings in the United States. Eric Monnet, a professor at the Paris School of Economics, stated that this operation not only standardized the quality and specifications of its gold reserves, but also effectively mitigated inflation arising from the Russia-Ukraine conflict, while highlighting considerations for national sovereignty and asset security amidst geopolitical changes. Currently, many countries in Europe, South Asia, Southeast Asia, and the Middle East are reassessing the risks of overseas custody. With rising geopolitical and financial market uncertainty, a new round of adjustments to gold reserve allocations is underway globally.German Chancellor Merz: (Regarding the attempted drone attack at the airport) The attribution is very clear and has a full legal basis.According to Interfax news agency, the Russian Ministry of Defense stated that Russia struck two ships carrying military cargo at the port of Chernomorsk in Ukraine. Russia also attacked a cargo ship near the port of Odessa in Ukraine.

S&P 500 (SPY) Moves Lower As Traders Focus On Weak Economic Data

Skylar Shaw

Aug 24, 2022 15:50

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S&P 500 Continues to Face Pressure

Traders' reactions to today's dismal Services PMI report and subpar New Home Sales data caused the S&P 500 to decline. The Dow Jones closed the day below 33,000 points.


As some traders were willing to wager that the Fed would be more dovish owing to concerns in the services sector, it is interesting to note that the market attempted to gather upward momentum after the publication of the Services PMI data.


But Treasury rates have already begun to rise, which is adding to the pressure on equities. Traders are not yet prepared to expand their stock purchases. Trading will probably continue to be choppy and unpredictable up to the Jackson Hole Symposium, which begins on August 25.


S&P 500 was able to close at 4160 below the 20 EMA. The failure of today's effort to return above this level is a negative indication.


The recent lows around 4115 are the closest level of support for the S&P 500. If the S&P 500 drops below this point, it will move in the direction of the 50 EMA at 4080. The support level at 4040 will be tested if a move below the 50 EMA occurs.


The S&P 500 will be pushed toward the next resistance level at 4190 if the barrier at the 20 EMA is successfully tested. The S&P 500 will go toward the barrier at 4220 if it is able to regain momentum over this level.

Energy Stocks Perform Better Than Others As Oil Hits New Highs

Energy stocks had a fantastic day, driven by well-known companies including Exxon Mobil, Chevron, and Occidental Petroleum. Traders are increasing their purchases of top energy stocks as they appear willing to wager that WTI oil has bottomed.


The market for basic commodities increased today as well. The stock of copper producers including Freeport-McMoRan, Teck Resources, and Hudbay Minerals were significantly supported by robust copper markets.


The day was mixed for tech stocks. However, it seems that the market's perception of tech companies is still negative as a result of increased rates and unimpressive news from Zoom and Twitter.


In a recent financial report, Zoom revealed that business growth was decreasing. The stock lost more than 15% of its value due to the ruthless market.


After a whistleblower claimed that Twitter had deceived authorities about spam accounts and hacker defenses, the business came under a lot of criticism. The information is excellent for Elon Musk, who is trying to back out of his agreement to purchase Twitter by raising the issue of spam accounts.

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