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Hang Seng Index futures closed down 0.2% at 23,253 points in overnight trading, a discount of 97 points.July 4th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.81%, the Shanghai Silver futures contract rose 1.61%, and the SC crude oil futures contract fell 0.16%.July 4th - As of 2:30 PM closing, the Shanghai Gold futures contract rose 0.81% to 913 yuan/gram, the Shanghai Silver futures contract rose 1.61% to 15,294 yuan/kilogram, and the SC Crude Oil futures contract fell 0.16% to 438 yuan/barrel.On July 4th, it was reported that European Central Bank (ECB) President Christine Lagarde will personally attend next weeks EU finance ministers meeting in Brussels, instead of being represented by a vice president. According to the ECBs weekly schedule, Lagarde will not only attend the Eurogroup meeting on July 9th but also the meeting of the Council for Economic and Financial Affairs (Ecofin) the following day. This arrangement is unusual, as such meetings are typically represented by the ECB vice president. Since assuming the position of ECB vice president in early June, Vujicic has already attended one Ecofin meeting. The ECB schedule also indicates that he will travel to Athens next Friday for a meeting. Lagardes decision to personally attend these two meetings comes amidst speculation that she may step down early to pursue a political career in France.Brazilian government: Data shows that crude oil exports in June were 8.48 million tons, compared to 7.95 million tons in the same period last year.

Stock Markets Continue to Show Signs of Weakness

Alice Wang

Jul 12, 2022 15:16

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During the trading session on Monday, the S&P 500 promptly declined and shown symptoms of weakness once again. After all, indexes traded lower globally.

Technical Analysis of the S&P 500

Prior to the S&P 500 opening up for trade on Monday, there was a lot of selling pressure felt across the globe, which caused the S&P 500 to decline dramatically. That so, the 3950 level continues to provide considerable resistance, so we should monitor it carefully. Additionally, the 50 Day EMA is beginning to approach that region as well, so I believe everything fits together really well for resistance. The 4000 level also has a lot of psychological components to it.


Despite all of this, I have no interest in attempting to purchase stocks any time soon because, very simply, there are so many factors pushing against their value that I just don't want to take the chance of making money to the upside just now. In fact, I wouldn't be sure that the market's general attitude was shifting until we broke through the 4200 level. Then, things can start to become interesting.

 

Until then, I believe rallies will continue to be sold into, thus you must see it from the lens of providing a chance to short the market whenever it rebounds. The 3700 level, which I believe would be a decent target on the downside, might be of interest. Much if volatility has decreased a little, it's important to remember that the rallies have occurred in low volume circumstances, which is not exactly a bullish indication. Breaking down below that level might start off even more downside.

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