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February 19th - According to a Reuters survey, most economists predict the Bank of Japan (BOJ) may raise its key interest rate to 1% by the end of June. Some economists expect the central bank to act as early as April due to heightened concerns about rising inflation and a weak yen. In the survey conducted from February 10th to 18th, all 76 economists said the BOJ would keep interest rates unchanged at its March meeting. However, 58% of them expect the policy rate to reach 1% by the end of June, an increase from slightly over one-third in January. Of the 44 economists who specifically indicated the month of the next rate hike, 36% chose June, 20% chose April, and 34% chose July. Kento Minami, senior economist at Daiwa Securities, said the BOJ will continue to push for further rate hikes at a relatively rapid pace, taking into account the upside risks to inflation from expansionary fiscal policy and the impact of yen depreciation. Meanwhile, to curb further yen depreciation, two-thirds of the 29 respondents said they expect the authorities to intervene in the foreign exchange market again. Of these, 40% believed that the 160 mark was the most likely point to trigger intervention.On February 19th, Nvidia CEO Jensen Huang, in a media interview, teased the upcoming GTC 2026 conference, explicitly stating that a brand-new chip "unprecedented in the world" would be unveiled at the event. Currently, the specific model of the new product has not been disclosed, but it is widely speculated that it will likely come from two major chip series: one is a derivative of the Rubin series; the other is the next-generation Feynman series chip, which is described as a "revolutionary" product.New York silver futures rose above $78 per ounce, up 0.52% on the day.According to a Reuters poll, 58% of economists expect the Bank of Japan to raise its key interest rate to 1% by the end of June, compared to 36% in the January survey.According to a Reuters poll, all 76 economists expect the Bank of Japan to keep its key interest rate unchanged until March.

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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