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On August 28th, European Central Bank (ECB) Governing Council member Kazzaks stated that the ECB cannot allow consumer prices to continue rising. He said, "We cannot allow inflation to become entrenched. One way to curb the spread of inflation is to raise interest rates. Weve already done that once." The market expects the ECB to raise interest rates at its September meeting. The ECB raised rates in June but held them steady in July. New economic forecasts will be released at that time, providing a basis for interest rate decisions, while the ongoing Middle East wars are prompting the ECB to reconsider raising rates. "Well see what happens next month," Kazzaks said, "but for now, I think the possibility of a rate hike is quite high."On August 28, the Political Bureau of the CPC Central Committee held a meeting to study and deploy emergency rescue and relief work for the mudslide disaster in Gyirong County, Shigatse City, Tibet. Xi Jinping, General Secretary of the CPC Central Committee, presided over the meeting.On August 28th, Henan Jingrun Wanxiang Real Estate Development Co., Ltd. won the bid for Zhengzheng Gaochu [2026] No. 14 (online) for 1.119 billion yuan. The plot is located north of Fengyang Street and west of Xuesong Road in Zhengzhou High-tech Zone, surrounded by Zhengzhou University and Zhengzhou Foreign Language School. The land use right area is 53,799.20 square meters (approximately 80.7 acres), designated for urban residential use, with a starting price of 691 million yuan. Based on this, the transaction price represents a premium of 61.97%. The winning bidder, Henan Jingrun Wanxiang Real Estate Development Co., Ltd., is a subsidiary of China Resources Land Holdings Co., Ltd.British Chancellor of the Exchequer Healy: The top priority is to uphold fiscal discipline, which is the cornerstone of economic stability.The China Earthquake Networks Center officially reported that a 5.1-magnitude earthquake occurred in Longchang City, Neijiang City, Sichuan Province at 13:13 on August 28, with a focal depth of 13 kilometers.

S&P 500 (SPY) Stays Close To Yearly Lows

Cory Russell

Oct 13, 2022 16:26

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Traders Continue to Be Nervous Before the CPI Report

The S&P 500 is fluctuating between gains and losses as traders exercise caution ahead of tomorrow's publication of the CPI data.


The PPI data, which revealed a 0.4% month-over-month rise in producer prices in September, was the main topic of discussion among traders today. Producer prices increased by 8.5% on an annual basis as opposed to the expert estimate of 8.4%. The news gave the dollar some support, but it is obvious that traders are not prepared for significant changes before the crucial CPI data.


The price of cruise stocks rose sharply today. In today's trading session, Norwegian Cruise Line, Carnival Corporation, and Royal Caribbean Cruises are all up 8% to 8%. Recently, as traders attempted to gauge the strength of demand in the fourth quarter of this year, cruise stock prices have been very erratic.


Leading tech equities now exhibit varied dynamics. While Meta and NVIDIA are under pressure, Apple, Microsoft, Alphabet, and Amazon are making progress.


From a broad perspective, equities found some support close to their annual lows, but their short-term dynamics will be influenced by tomorrow's CPI data. The market will be greatly affected by inflation statistics because traders continue to fear that an overly active Fed could send the economy into a deep recession.

Tests Support For S&P 500 At 3585

The S&P 500 is now attempting to settle below the 3585 support level. Since the RSI is still in the moderate range, there is still space for more negative momentum to develop should the proper triggers materialize. S&P 500 will head toward the next support at 3560 if it settles below the 3585 level. The S&P 500 will be pushed into the support level at 3525 if the support at 3560 is successfully tested.


To the upside, the S&P 500 must continue to trade above the level of 3585 in order to have a chance of gaining upward momentum soon. 3615 is where the next resistance level is situated. S&P 500 will go toward the next barrier at 3640 if it rises again above this level. If the 3640 level is successfully tested, the resistance at 3675 may then be tested.

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