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Market news: Apples annual sales in India have surpassed $10 billion for the first time.Powerchip Technology: The overall market environment remains favorable for semiconductor companies, and we expect strong revenue and profit performance this year.Minutes of the Bank of Korea meeting: One member stated that the current interest rate hike measures alone are unlikely to be sufficient.On August 4th, Atsushi Takeuchi, a former Bank of Japan board member who participated in the Tokyo foreign exchange market intervention more than a decade ago, stated that if the yen shows signs of weakening again, Japan and the United States will "definitely" intervene jointly once more. Takeuchi said that the recent joint action by the US and Japan was highly effective, creating a market consensus that the yen would not continue its unilateral weakening. "It is now clear that, thanks to US support, virtually nothing can prevent the Japanese authorities from intervening," he said. "The US standing behind Japan and taking action has huge symbolic significance." "If I were managing a hedge fund, I wouldnt consider betting on USD/JPY right now." He indicated that the JPY/USD exchange rate is likely to fluctuate between 155 and 162 in the short term. "If the yen can maintain a level above 160 for another week or so, the market will see that level as a short-term bottom and begin to push the yen higher." "If the yen shows signs of weakening, Japan and the United States will definitely intervene again."Bank of Korea meeting minutes: One member stated that the timing and pace of any further interest rate hikes should be determined primarily by inflation.

S&P 500 Price Forecast — Stock Market Looking for Footing

Florala Chen

Aug 24, 2022 15:54

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In the E-mini contract, the S&P 500 has gained a little bit of stability during the Tuesday trading session as we get closer to a critical support level.

Technical Analysis of the S&P 500

In the early stages of the E-mini contract, the S&P 500 has moved in a rather narrow range. Having said that, this week is the Jackson Hole Symposium, which is practically guaranteed to make a lot of noise. In this case, I believe the trading public will be paying great heed to central bankers' pronouncements, which, of course, may sometimes result in complete pandemonium.


In this case, I believe we could have a brief rebound followed by increased selling pressure. The 200-Day EMA is located around 4185, and there is considerable resistance at the 4300 level above. It's also important to pay attention to the 50-Day EMA, which is at 4082 and climbing below; it may provide dynamic support.


I do believe that it is extremely possible that traders will look to the 50-Day EMA to salvage the market upward, regardless of whether or not this turns out to be the case. If we break it down below that, the market is probably just trying to get to the 4000 level. Anything below the 4000 mark indicates that we have once again altered our mentality and that more downside is yet to come.


One thing you can certainly bet on, in my opinion, is a lot of noisy volatility, mostly as a result of the central bankers' ranting in Wyoming. They will almost certainly underline their resolve to battle inflation, which means that monetary policies will continue to tighten throughout the globe.

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