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On Wednesday, July 1st, the German DAX 30 index opened up 35.44 points, or 0.14%, at 25014.69; the UK FTSE 100 index opened down 22.61 points, or 0.22%, at 10474.51; the French CAC 40 index opened down 20.59 points, or 0.25%, at 8383.40; the Euro Stoxx 50 index opened down 13.03 points, or 0.21%, at 6315.06; the Spanish IBEX 35 index opened down 26.22 points, or 0.13%, at 19432.48; and the Italian FTSE MIB index opened down 182.93 points, or 0.35%, at 51499.50.As of 15:00 Beijing time, spot platinum fell 0.80% and spot palladium fell 1.91%.July 1 – Germany is urging the United States to allow the production of more American weapons in Germany to fill the military gap in Europe and provide President Trump with a justification for continued investment in European defense. According to multiple sources, German officials are in contact with their counterparts in the US, hoping to reach a joint production agreement before the NATO summit in Ankara next week. This move is part of a broader effort by European countries to leverage their own defense industrial capabilities to stabilize tensions with Washington. Sources indicate that negotiations on the joint production concept have already begun between German and US defense companies, covering “anything that helps both sides enhance their defense capabilities,” including the joint production of long-range Tomahawk missiles and the PAC-3, the most advanced missile variant used in the Patriot air defense system. One source stated that the US government and industry have responded to these proposals “more positively than expected.”July 1st - According to the domestic refined oil price adjustment cycle, the 13th round of price adjustments will begin at 24:00 on July 3rd. Only three working days remain for the current pricing cycle, which is 70% complete. The price drop has widened significantly in this cycle, deepening for six consecutive days, from an initial drop of over 40 cents to over 65 cents currently. This sharp downward trend is unlikely to reverse, and Friday evening may see the first three consecutive price drops this year, marking the fourth price reduction this year.July 1st - According to foreign media reports, the Thai Ministry of Foreign Affairs stated that 10 out of 11 Thai-flagged vessels chartered by Thai operators have safely departed the Strait of Hormuz. A statement released by the ministry on Tuesday said, "Currently, only one vessel, named Hatthaya Naree, remains anchored in the Strait of Hormuz awaiting loading and is expected to leave the area soon."

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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