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Fitch Ratings: Egypt’s policy response has limited the impact of the conflict with Iran on its sovereign credit rating.The Hong Kong Monetary Authority provided HK$150 million in liquidity to banks through the discount window.On May 15th, Sylvan Lane, business editor of The Hill, stated that Powell promised that while his reappointment would be unusual, he would remain "low-key" during his tenure on the Board and would not become a "shadow chairman" challenging Warshs influence. If he keeps his word, Powell is likely to return to the Federal Open Market Committee (FOMC) and express his views on interest rates in a moderate manner. The FOMC is increasingly divided on how to address the surge in inflation triggered by Iran. Although Powell may no longer dominate Fed policy, he could still have a significant impact on the Feds future due to the unique composition of the Fed Board. The seven members of the Fed Board each serve 14-year terms, with staggered terms. However, the term is not recalculated when a new board member replaces an outgoing member. If Powell were to leave the Fed permanently after his term as chairman, Trump could have nominated Warsh to succeed him for the remainder of his term, while reserving another board seat for another potential nominee. However, in reality, Trump can only nominate Warsh to fill the board seat temporarily held by Milan.Russian President Vladimir Putin: Russias unemployment rate remains at a low level of 2.2%.Iranian Foreign Minister Araqchi: Saboteurs are trying to disrupt the diplomatic process, and some warmongers want to drag the United States into another war. I hope the United States will not make this mistake. Ultimately, diplomacy will prevail.

Stock Markets Take a Break Ahead of Non-Farm Payroll

Cory Russell

Aug 05, 2022 15:46

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As we swing back and forth between the Friday news, the S&P 500 has been trading a little sideways throughout the day.

Technical Analysis of the S&P 500

The S&P 500 fluctuated throughout the session on Thursday since we are barely below the 200 day moving average and, of course, we have to be concerned about the employment report on Friday.


Given that circumstance, I believe an explosive move is most likely only a matter of time. If everything remained the same, one may believe that this barrier should hold, but the S&P 500 might really take off if we were to break over the 4200 mark. Although that is not my worst-case situation, I must have it in the back of my mind when I trade this.


The 4100 level, in my opinion, is critical. A far deeper correction may be seen if we were to drop below that level. We drop another 100 points or so at that moment and start looking at the 50 Day EMA.


Unfortunately, whether or not the Federal Reserve will tighten monetary policy any more forcefully depends entirely on perception. While the Fed adamantly maintains its capacity to do so, the market does not believe it. It's highly likely that the stock markets will see a little decline if the American employment report on Friday is hotter than expected. Traders will view this as yet more justification for the Federal Reserve to closely monitor its monetary policy, perhaps leading it to tighten further. In any case, I believe we are a bit overdone in the near future, but always keep an eye out for the opposite side.

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