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On September 6th, Greek Prime Minister Kyriakos Mitsotakis announced a €2.2 billion (approximately US$2.56 billion) economic package aimed at alleviating the cost of living crisis in Greece. The measures focus on supporting self-employed individuals, pensioners, farmers, and families with many children, including raising the minimum wage from the current €920 to €1,000 by January 2028. Greek authorities expect to exceed budget targets again in 2026, thus allowing the government to provide subsidies and tax cuts to various groups. The Prime Minister assured that these new measures will not jeopardize Greeces fiscal situation and will comply with EU regulations on budget spending.On September 6th, local time, Russian President Vladimir Putin met with US President Donald Trumps special envoy, Sergei Witkov, and his son-in-law, Jared Kushner, at the Kremlin on the evening of the 5th. He briefed them on the details of the three-day ceasefire agreement reached between Russia and Ukraine, and stated that Russia would strive to ensure the progress of US-Ukraine negotiations and the safety of mediators. Witkov thanked Russia for agreeing to the three-day ceasefire. Putin stated that Russia had received a request through its intelligence and diplomatic departments to cease airstrikes on the Ukrainian capital, Kyiv. "I have issued the corresponding order, and from midnight tonight, (Russian) airstrikes on Kyiv have ceased," Putin said. Putin also noted that Ukraine had significantly reduced its attacks on Russian territory (including Moscow), "by an order of magnitude." Putin also mentioned that Ukraine had proposed a broader three-day ceasefire, which Russia had not agreed to. However, Russia will make every effort to ensure the progress of US-Ukraine negotiations and the safety of mediators.Belgorod Oblast authorities: A Ukrainian drone strike in Russias Belgorod Oblast has killed one person.On September 6, the Iranian Foreign Ministry issued a statement condemning the United States for its attacks on Iranian oil tankers in the Persian Gulf and the Gulf of Oman. The Iranian Foreign Ministry stated that such attacks are part of the ongoing US military action against Iran, including a maritime blockade and economic warfare, which clearly violate Article 2, Paragraph 4 of the UN Charter and pose a clear threat to international peace and the security of commercial shipping. The statement declared Irans determination to defend its sovereignty and national interests and resist US "state terrorism" and acts of aggression, including attacks on commercial shipping. The Iranian Foreign Ministry warned that the consequences of the USs continued aggressive and interventionist actions in the region should be borne by the US and its allies.September 6 (Xinhua) -- Russian President Vladimir Putin said that Kyiv has called for an expanded ceasefire, but Russia has not yet consulted with Ukraine on the matter. "The Ukrainian authorities have called for a broader three-day ceasefire, but we have never reached an agreement with them on this," Putin said during a meeting with U.S. special envoy Witkov and Trumps son-in-law Jared Kushner.

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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