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On September 9th, the "Fujian Province National Fitness Implementation Plan (2026-2030) (Draft for Solicitation of Opinions)" was released for public comment. The plan mentions deepening the integration and development of sports among Fujian, Hong Kong, Macao, Taiwan, and overseas Chinese. It actively leverages the regular exchange mechanism between sports federations, associations, and grassroots sports organizations across the Taiwan Strait, exploring the possibility of Fujian and Taiwan jointly hosting and rotating regional mass sports events. The plan also aims to expand and strengthen the Cross-Strait Sports Carnival, continue to successfully host distinctive events such as the Cross-Strait Dragon Boat Race, Hakka Martial Arts Competition, and Dragon and Lion Dance Competition, cultivate sports with a strong mass base such as basketball, baseball/softball, badminton, dragon boat racing, and Tai Chi, support Taiwanese compatriots in forming teams to participate in various mass sports events in Fujian, and build a platform for frequent cross-strait sports exchanges and interactions.September 9th - According to sources, Iraq is seeking a significant increase in its oil production quota as OPEC+ reviews its capacity to determine next years output levels. The second-largest oil producer in OPEC hopes to calculate future production targets based on a benchmark of 6 million barrels per day, a substantial increase from its recent levels. Iraq, the birthplace of OPEC sixty years ago, hinted in June that it might withdraw from OPEC if it could not secure a sufficiently high benchmark quota. This move could be a major blow to the organization, following the withdrawal of another key Middle Eastern member, the UAE. OPEC+ has commissioned external consultants to assess the maximum achievable production levels for each member country to better align quotas with reality. This assessment is expected to be completed by the end of this month and approved at the oil ministers meeting at the end of November. The assessment results could be crucial to OPEC unity. Meanwhile, another founding member, Venezuela, is closely watching whether to withdraw, as it is reaching a major agreement with Trump that would grant the US considerable control over some of its oil reserves.The World Platinum Investment Council: The platinum market will experience its first annual supply surplus since 2022 due to outflows of investment funds.September 9th - The World Platinum Investment Council (WPIC) stated that the platinum market is expected to shift to a supply surplus this year after three consecutive years of shortages, influenced by factors such as large-scale investor sell-offs. At the beginning of the year, precious metals were caught in an investment frenzy, with platinum soaring to a record high of nearly $3,000 per ounce. This upward trend subsequently reversed sharply, with platinum prices falling by more than a third from their January peak. The WPIC now predicts an 8.2-ton supply surplus in 2026, compared to a 9.2-ton shortage forecast earlier this year. This change is almost entirely attributed to a downward revision in investment demand, with ETF holdings expected to decrease by approximately 12 tons this year. Ed Stecker, Head of Research at the WPIC, stated that as investor demand recovers, a supply gap is expected in the second half of the year, but this will not be enough to offset the impact of the large ETF outflows at the beginning of the year.According to Japans Kyodo News, Japanese Defense Minister Shinjiro Koizumi has cancelled his visit to Indonesia.

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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