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1. The three major U.S. stock indexes closed slightly lower: the Dow Jones Industrial Average fell 0.45% to 47,739.32 points, the S&P 500 fell 0.35% to 6,846.51 points, and the Nasdaq Composite fell 0.14% to 23,545.9 points. 2. The three major European stock indexes closed mixed: the German DAX rose 0.07% to 24,046.01 points, the French CAC40 fell 0.08% to 8,108.43 points, and the UK FTSE 100 fell 0.23% to 9,645.09 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 1.68 basis points to 3.575%, the 3-year Treasury yield rose 2.55 basis points to 3.610%, the 5-year Treasury yield rose 3.67 basis points to 3.746%, the 10-year Treasury yield rose 2.92 basis points to 4.164%, and the 30-year Treasury yield rose 1.11 basis points to 4.802%. 4. Crude oil transport has resumed at the Lukoil West Qurna 2 oil field storage facility in Russia, with prices at $58.85 per barrel; Brent crude oil futures fell 1.98% to $62.49 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 0.54% to $4219.90 per ounce, and COMEX silver futures fell 0.94% to $58.50 per ounce. 6. Most London base metals fell. LME zinc rose 1.05% to $3,130.50/ton, LME copper rose 0.47% to $11,675.00/ton, LME lead fell 0.20% to $1,998.50/ton, LME nickel fell 0.37% to $14,885.00/ton, LME aluminum fell 0.38% to $2,886.50/ton, and LME tin fell 0.67% to $39,800.00/ton.US President Trump: Mexico continues to violate our comprehensive water treaty. Due to Mexicos failure to fulfill our treaty obligations, it still owes the United States more than 800,000 acre-feet of water.On December 9th, a new social media platform filed an application with the U.S. Patent and Trademark Office to cancel the "Twitter" trademark so it could take over. The company claims that Elon Musks X Inc. has abandoned these trademarks. Operation Bluebird, a Virginia-based startup, filed a petition on December 2nd seeking permission to use the words "Twitter" and "tweet" on its competing social platform "twitter.new," and has already applied to register the "Twitter" trademark. Musk acquired Twitter for $44 billion in 2022 and renamed it X. Operation Bluebird stated in its filing that X Inc. has "completely removed" the Twitter brand from its products, services, and marketing. Musk posted on the X platform in 2023 that the company would "say goodbye to the Twitter brand and gradually say goodbye to all the birds (Twitters original logo)."European Commission President Ursula von der Leyen: In the long run, it is essential to ensure the security of Ukraine and make it the first line of defense for our alliance.European Commission President Ursula von der Leyen: Ukraines sovereignty must be respected.

Stock Markets Break 50 Day EMA

Alice Wang

Jul 21, 2022 15:45

微信截图_20220721151813.png

Technical Analysis of the S&P 500

On Wednesday during trade, the S&P 500 raised its head over the 50 Day EMA, which is obviously a little success. Since there was a lot of noise between this level and the 4000 level, I believe it makes some sense that there was some hesitancy. However, I believe we have a good chance of reaching close to the 4100 level if we can break over the 4000 mark.


Looking at this chart, it would be very negative indeed if we were to reverse course and drop below the 3900 level, indicating that possibly the breakthrough was a false one. However, if we do rally, I believe we will continue to "climb the wall of anxiety" in an upward direction. Position sizing will be essential since, in any case, I believe the only thing you can probably bet on is a lot of loud behavior. It will be fascinating to see how this develops over time given that this is a violent short-covering rally.


Given the abundance of bad news now available, any collapse will likely gain a lot of momentum.


However, markets cannot continue to decline indefinitely, so this relief rally does have some logic. I believe we are in a position where we must see this through the lens of the longer-term probabilities, which continue to lead to reduced pricing over the long run. Whether or not it is a sustainable rally is an entirely separate thing. There may also be some short covering since the Federal Reserve will meet the following week.

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