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On December 17th, State Street Investment Management stated in a outlook report that Japanese government bonds could offer an "attractive" opportunity in 2026. The bank said, "(By then) the interest rate hike cycle will have clearly ended, and Japanese banks may be drawing on large amounts of cash reserves, which could be a catalyst for the performance of Japanese government bonds, especially in the middle of the yield curve."Former Bank of Japan Deputy Governor and Government Policy Task Force member Masazumi Wakatabe: Predicting that Japan may encounter a "Tesla shock" is too extreme, because inflation has likely peaked from its current level, Japans fiscal situation is good, and companies have ample savings.The US dollar rose to 16,700 against the Indonesian rupiah, its highest level since November 24.1. WTI crude oil futures trading volume was 970,830 lots, an increase of 166,579 lots from the previous trading day. Open interest was 1,914,417 lots, a decrease of 20,550 lots from the previous trading day. 2. Brent crude oil futures trading volume was 157,880 lots, an increase of 30,571 lots from the previous trading day. Open interest was 217,376 lots, an increase of 2,852 lots from the previous trading day. 3. Natural gas futures trading volume was 646,620 lots, an increase of 50,489 lots from the previous trading day. Open interest was 1,574,500 lots, an increase of 15,345 lots from the previous trading day.The Hang Seng Tech Index rallied in the afternoon, now up 1%; the Hang Seng Index is currently up 0.9%.

Price Action Suggests Momentum Shifting to Down

Steven Zhao

Jul 25, 2022 15:57



After the session's midpoint on Friday, September E-mini S&P 500 Index futures started to move down as the benchmark index was hampered by a poor performance in the technology sector. Poor results by Twitter and Snap were the main drivers of the sell-off, which sparked a wave of selling in social media companies.


September E-mini S&P 500 Index futures are now trading at 3949.00, down 52.25 or 1.31 percent, as of 17:53 GMT. The S&P 500 Trust ETF (SPY) is down $5.49 or 1.38 percent, trading at $393.30.


Early in the morning, the market suffered from Twitter and Snap's dismal quarterly sales. By mid-session, Twitter was down 1.2 percent, and Snap's shares had fallen about 40%.


Meta Platform Inc. and Alphabet Inc., two industry leaders in online advertising, saw their shares fall by 7.5% and 5.6%, respectively, hurting the NASDAQ.


According to Reuters, a poll released on Friday revealed that U.S. business activity fell in July for the first time in almost two years, adding to worries about an economy that is being stymied by high inflation, increasing interest rates, and declining consumer confidence.

Swing Chart Technical Analysis for the Day

The daily swing chart indicates that the overall trend is upward. The intraday price movement, however, indicates momentum could be swinging downward.


A move through 4016.25 will indicate that the uptrend has resumed. The primary trend will switch to down if a transaction is made through 3723.75.


The middle range is 4204.75 to 3639.00. The index is now challenging the 3821.75 to 3988.75 retracement range.


The minor range is 3723.75 to 4016.25. A possible objective on the downside is its 50 percent mark at 3870.00.


3639.00 to 4016.25 is the short-term range. The last possible support before the big bottom at 3639.00 is located in its retracement range, which runs from 3815 to 3773.50.

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