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SK Hynix (SKHY.O) shares turned positive in after-hours trading, after falling as much as 9%.SK Hynix (SKHY.O) shares narrowed their losses to 2.5% in after-hours trading on the US stock market.Futures News, July 29th - According to foreign media reports, copper futures on the London Metal Exchange (LME) fell on Tuesday, influenced by a stronger dollar and rising market expectations of a Federal Reserve interest rate hike. A rate hike could dampen demand for industrial metals. Brokerage firm Sucden Financial stated that overall, base metals will find support during declines as the supply side remains favorable. However, a stronger dollar and high US Treasury yields mean that a rebound may require a stronger macroeconomic environment, especially ahead of the Fed decision and key US data releases later this week. Market participants are awaiting the outcome of the Feds interest rate decision, particularly given the decline in oil prices following the easing of tensions between the US and Iran. The FedWatch Tool shows traders expect a 62% probability that the Fed will keep interest rates unchanged this week, and a 38% probability of at least a 25 basis point rate hike, up from 16% a week ago. Rising interest rates could dampen economic activity, thereby suppressing copper demand.Rio Tinto (RIO.N) CEO: Electrification is driving a shift in commodity demand. Diesel supply security remains a top concern.1. The WTI crude oil futures contract closed down 4.21% at $79.13 per barrel; the Brent crude oil futures contract fell 3.33% to $83.01 per barrel. 2. International precious metals futures generally closed lower. COMEX gold futures fell 1.18% to $4028.80 per ounce, and COMEX silver futures fell 2.35% to $57.34 per ounce. The current rising expectations of a Federal Reserve interest rate hike, coupled with high interest rate expectations suppressing precious metals, and the lack of substantial escalation in the US-Iran geopolitical situation, have led to a wait-and-see attitude in the market, all contributing to this price weakness. 3. London base metals all fell. LME lead fell 0.29% to $1885.5/ton, LME aluminum fell 0.60% to $3148.5/ton, LME copper fell 0.64% to $13644.5/ton, LME zinc fell 1.22% to $3567.5/ton, LME nickel fell 1.56% to $16945.0/ton, and LME tin fell 1.72% to $53405.0/ton. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 1.03% to 52747.32 points, the S&P 500 rose 0.21% to 7428.78 points, and the Nasdaq Composite fell 0.22% to 24876.91 points. IBM rose more than 5%, leading the Dow Jones gains. The Wind US Tech Big Seven Index rose 0.69%, with Google up over 2% and Microsoft up over 1%. SpaceX rose over 2%. The Nasdaq China Golden Dragon Index rose 1.08%, with Autohome up over 7% and LuKong up over 6%. The memory sector plummeted, with SanDisk down over 14%, SK Hynix down nearly 9%, and Micron Technology and AMD both down over 8%. 5. European stock indices all closed higher: the German DAX rose 0.41% to 25464.01 points; the French CAC40 rose 0.63% to 8458.78 points; and the UK FTSE 100 rose 0.83% to 10871.02 points. A temporary ceasefire between the US and Iran led to a significant drop in international oil prices, easing energy cost pressures and boosting market sentiment. 6. Major Asia-Pacific stock indices closed lower. South Koreas KOSPI index closed down 10.84% at 6023.66 points, its biggest single-day drop since March 4, having briefly fallen below the 6000-point mark during the session. It has now fallen nearly 29% since July. Japans Nikkei 225 index closed down 3.95% at 62364.92 points. Indias SENSEX 30 index fell 0.09% to 76765.92 points.

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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