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1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.56% to 46,677.85 points, the S&P 500 fell 1.52% to 6,672.62 points, and the Nasdaq Composite fell 1.78% to 22,311.98 points. Goldman Sachs and Boeing led the decline, falling more than 4%. The Wind U.S. Tech Big Seven Index fell 1.74%, Tesla fell more than 3%, and Facebook fell more than 2%. The Nasdaq China Golden Dragon Index fell 1.02%, with Hesai Technology and 21Vianet falling more than 5%. The Dow Jones Industrial Average fell more than 700 points, breaking below 47,000 points and hitting a new low for the year. 2. All three major European stock indexes closed lower. The German DAX fell 0.21% to 23,589.65 points, the French CAC40 fell 0.71% to 7,984.44 points, and the UK FTSE 100 fell 0.47% to 10,305.15 points. 3. US Treasury yields rose across the board. The 2-year Treasury yield rose 9.43 basis points to 3.743%, the 3-year Treasury yield rose 8.65 basis points to 3.759%, the 5-year Treasury yield rose 6.52 basis points to 3.868%, the 10-year Treasury yield rose 3.33 basis points to 4.263%, and the 30-year Treasury yield rose 0.40 basis points to 4.884%. 4. The WTI crude oil futures contract closed up 10.48% at $96.39 per barrel; the Brent crude oil futures contract rose 10.62% to $101.75 per barrel. 5. International precious metals futures generally closed lower. COMEX gold futures fell 1.83% to $5084.10 per ounce, and COMEX silver futures fell 1.85% to $83.95 per ounce.Gaza Situation: 1. Indonesian Defense Minister: Indonesias deployment of troops to Gaza depends on the current peace committees actions. US-Israel-Iran Conflict: ① Iran 1. Iranian officials warned the US against attacking power systems. 2. Iran released satellite images of attacks on US military bases. 3. Iran stated that a few tweets from Trump would not end the war. 4. Iran claimed to have attacked a US oil tanker in the Strait of Hormuz. 5. Iran claimed to have attacked two Israeli air bases and the Shin Bet headquarters. 6. Irans Deputy Energy Minister stated that Irans power supply is continuous and stable. 7. Irans Revolutionary Guard claimed to have launched an attack on a US Fifth Fleet base. 8. Iranian Armed Forces: Any attack on Iranian energy facilities and ports will be met with a devastating response. 9. Islamic Revolutionary Guard Corps official: 70% of US bases and command posts in the Middle East have been destroyed. 10. British Defense Secretary claimed Iran laid mines in the Strait of Hormuz; Iranian Deputy Foreign Minister denied this. 11. Iranian Deputy Foreign Minister stated that Iran had previously allowed some ships to pass through the Strait of Hormuz. 12. An Iranian diplomatic spokesperson stated that many ships can still pass through the Strait of Hormuz if coordinated with the Iranian Navy. 13. According to Iranian state media: The wife of the late Iranian Supreme Leader Khamenei is still alive; reports of her death are untrue. 14. Irans ambassador to the United Nations: We will not close the Strait of Hormuz, but maintaining peace and security in the waterway is our right. 15. Irans new Supreme Leader delivers his first speech: The Strait of Hormuz remains closed; US bases will be bombed if they are not withdrawn; if the war continues, other fronts will be opened. 16. Iranian Supreme Leader Mojtaba: He advised leaders of regional countries to close those US bases as soon as possible, because they must now realize that the security guarantees and peace claimed by the United States are nothing but lies. ②US 1. A fire broke out on the USS Ford aircraft carrier; the cause is unrelated to the war. 2. The White House responded to reports of "Iran potentially attacking California with drones": There is no such threat. 3. US Central Command: The Abraham Lincoln Carrier Strike Group continues to support Operation Epic Fury and project power from the sea. 4. According to the Associated Press: Sources say the Pentagon informed Congress that the first week of the war against Iran cost the U.S. $11.3 billion. 5. U.S. Treasury Secretary Bessenter: Escorting tankers by the U.S. Navy or an international coalition has always been part of our plans. We believe that once military conditions permit, we will immediately escort ships through the Strait of Hormuz. 6. U.S. Central Command stated that it is aware of the crash of a U.S. KC-135 tanker aircraft. The incident occurred in friendly airspace during Operation Epic Fury, involving two aircraft, one of which crashed in western Iraq, and the other landed safely in Israel. The incident was not caused by enemy fire or friendly fire. ③ Israel 1. Israel Defense Forces: Two-thirds of Irans ballistic missile launchers have been destroyed. 2. The Israeli military stated that it has begun a large-scale attack in Tehran. 3. U.S. media: Israel relies on Iranian civilians to provide drones for target strikes. 4. Israeli Prime Minister Netanyahu: We have struck more Iranian nuclear scientists; our aim is to prevent Iran from taking its nuclear and ballistic missile programs underground. ④ Other 1. Russia provides humanitarian aid to Iran. 2. Kuwait reports drone attack on airport, causing casualties. 3. International Maritime Organization holds special meeting to discuss the situation in the Middle East. 4. Shooting at a US synagogue; suspect dead. 5. Saudi Ministry of Defense claims to have shot down seven drones flying towards the Sheba oil field. 6. Local officials say Hezbollah in Lebanon fires on Syrian army positions. 7. British Navy: Three ships attacked in the Arabian Gulf in the past 24 hours. 8. British forces in Iraq shoot down Iranian drone; debris falls, injuring several US troops. 9. Thai Foreign Ministry: Iran must apologize for the damage caused to Thai vessels in the Strait of Hormuz on Wednesday. 10. Market news: Iraq is expected to resume oil shipments through Turkey soon after the war with Iran forced the country to close its southern export terminal in the Persian Gulf. 11. According to sources familiar with US and Western intelligence, Russia is currently providing Iran with various intelligence, including satellite imagery and drone targeting tactics, to help Iran counter US forces in the region. 12. According to data from the Institute for War Studies and the American Enterprise Institute, 16 civilian vessels (tankers, container ships, and other bulk carriers) have been attacked since the start of the war with Iran. Lebanon-Israel Conflict: 1. Iran and Hezbollah in Lebanon coordinate attacks against Israel. 2. The Israeli Defense Minister stated that Israel is prepared to expand its military operations in Lebanon. 3. Israel Defense Forces: Airstrikes against Hezbollah infrastructure. 4. Israeli Prime Minister Netanyahu: Hezbollah will pay a heavy price for its aggression. 5. Israel Defense Forces: Large-scale airstrikes have begun against Hezbollah infrastructure in southern Lebanon. 6. Lebanese Ministry of Health: The death toll from Israeli attacks on Lebanon since March 2 has risen to 687. 7. Israel Defense Forces: Eliminated Abu Dar Mohammadi, commander of the Iranian Islamic Revolutionary Guard Corps missile force, who was active within Hezbollah in Lebanon.U.S. Treasury Secretary Bessant: The U.S. economy will grow by 3% after the conflict with Iran.U.S. Treasury Secretary Bessant: Oil prices will enter a period of lower levels in the medium term following the end of the conflict.US Treasury Secretary Bessant: The Federal Reserve has a long way to go before returning to quantitative easing.

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.