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At the close of trading in Hong Kong stocks, the Hang Seng Index fell 0.04%, while the Hang Seng Tech Index rose 1.32%. Chip stocks surged, with sectors such as optical communication, PCB, artificial intelligence, and power equipment leading the gains, while sectors such as batteries, oil, mainland property, and mainland banks weakened. Zhipu (02513.HK) closed up 36.89%.Both WTI and Brent crude oil prices fell by more than 1% during the day, currently trading at $82.04 per barrel and $86.52 per barrel, respectively.July 21 – KPMGs Chief UK Economist, Yael Selfin, stated that weak wage growth in the UK strengthens the Bank of Englands case for maintaining interest rates. She said that in the three months to May, overall wage growth excluding bonuses remained unchanged at 3.4%, with little evidence that recent energy price increases have been passed on to payroll settlements. Private sector wage growth is currently below the Bank of Englands 2% target, as weak hiring continues to weigh on workers bargaining power. Selfin said, "We expect the Bank of England to keep interest rates unchanged at its meeting next week, and developments in the energy market are likely to play a greater role in shaping the interest rate outlook in the coming months."On July 21, Foreign Ministry Spokesperson Lin Jian held a regular press conference. In response to questions regarding China-EU trade and economic relations, Lin Jian stated that China has repeatedly clarified its position on related issues. China attaches great importance to the differences existing in China-EU trade and economic relations and has always believed that both sides can properly resolve them through dialogue, consultation, and policy interaction. These differences should not become obstacles to mutual trust and cooperation between China and the EU, nor should they be used as a basis for decoupling or breaking off trade chains, much less as an excuse for making unfounded accusations against China. The essence of China-EU trade and economic relations is mutual benefit and win-win cooperation. China has never deliberately pursued a trade surplus with Europe; the structure of China-EU trade is the result of a combination of factors, including international industrial division of labor and the comparative advantages of different countries. Lin Jian emphasized that protectionism has no future, and win-win cooperation is the right path.The chart shows that at 22:00 Beijing time on July 21, there will be large foreign exchange option orders for Euro, British Pound, Australian Dollar, Canadian Dollar, Japanese Yen, etc., expiring. There are 9 large orders with strike prices of over 1 billion. Please manage your risks.

Multi-Day Bounce Expected for The S&P500

Cory Russell

Apr 21, 2022 10:17


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A daily candlestick chart of the SPX with a thorough EWP count and a number of technical indicators.


The manner in which the adjustment should take place.


The two-week decrease from the late-March high (red, intermediate wave-b) should have required a multi-day correction, but the recent rebound off the 4370 low has only lasted one day, although the decline was two weeks.


B-waves, in fact, are made up of three smaller waves: a, b, and c. Despite the fact that the index has already reached the bottom end of the ideal (green) minor-b/2 wave's goal zone (see Figure 1), wave-a of b/2 is most likely still incomplete. 


As a result, depending on where the more tiny wave-b bottoms and how far wave-c extends, I estimate a retreat to 4410-4430 for (grey) minute wave-b before wave-c of b/2 takes hold and rallies the index back to about 4500-4535 (upper grey target zone) (1.0x a or 1.618x a).

In conclusion

The S&P500 index bottomed exactly where I said it would, at 4375 vs. 4370, and then produced the expected rebound. This gain should be part of a multi-day bounce, with a short-term retreat to 4410-4430 preferably started before the Bulls can rally the market to 4500-4535, which corresponds nicely with my original prediction of a high of about SPX4500+/-25 last week.


I still foresee a drop to SPX4150+/-25 (green c/3) and below (red arrows). It will need a break above SPX4435 to indicate that something else is happening (green arrow). As a result, "all we can do is predict, monitor, and modify," as I usually say.

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