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August 31 – According to the Associated Press, U.S. Treasury Secretary Scott Bessant said on Sunday that the Trump administration plans to impose sanctions on another bank this week to crack down on transactions related to Iran. Bessant will meet separately with finance officials from major and developing economies during the G20 summit to push for economic isolation of Iran. Bessant said, “If necessary, we will resort to financial violence. We are letting people know that we know who you are, and you know who you are, and this must stop.”UDI Robotics announced on the Hong Kong Stock Exchange that it plans to issue 45 million H shares for its Hong Kong listing, with an issue price between HK$14.45 and HK$19.55 per share, and trading is expected to begin on September 9.Conflict Updates: 1. Yemeni armed forces intercepted Iranian cargo destined for the Houthi rebels in the Red Sea. 2. UK Maritime Security Information Agency: An oil tanker was attacked in the Strait of Hormuz. 3. US officials stated they observed the Iranian Revolutionary Guard preparing to launch mines into the Strait of Hormuz. 4. US officials: US forces attacked southern Iranian islands to prevent them from laying mines. 5. Iranian Revolutionary Guard: The attack on Larak Island resulted in multiple injuries; the aggressors will be punished. 6. Explosions were heard in Jordan; the Iranian Revolutionary Guard claimed to have launched missiles at US bases. Other Events: 1. A senior Syrian official visited Libya for the first time in 14 years; the Syrian embassy resumed operations. 2. The Iranian Navy Commander refuted Trumps claims, stating that the Iranian Navy remains combat-ready. 3. Greece is reportedly planning to sign a $3.4 billion air defense agreement with Israel. 4. Irans Supreme Leader: The way to resolve regional issues lies in unity. 5. According to IRNA: The Iranian President will visit Kyrgyzstan on Monday. 6. US media: Senior US military officials advised Hegerseth that a large-scale operation against Iraq is unsustainable. 7. Pakistani Foreign Ministry: The first meeting of the Mecca Agreement Strategic Political and Defense Committee will be held in Istanbul on August 31.On August 31, Russian Presidential Press Secretary Dmitry Peskov stated on the 30th that Russia remains open to holding peace talks with Ukraine in Turkey, but the conditions for resuming talks are not yet in place. According to TASS, Peskov said that Russia remains open to Russia-Ukraine peace talks, "but unfortunately, we cannot say that the preconditions (for continuing negotiations) are met at present, because these conditions simply do not exist." Peskov also emphasized that if the presidents of Russia, the United States, and Ukraine hold a trilateral meeting, its purpose will only be to finalize an agreement, which will not be a "simple deal" but will inevitably go through a very complex process involving numerous details.Brent crude oil has returned to the $90/barrel mark, rising 2.3% on the day.

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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