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The yield on Japans 20-year government bond fell 1.0 basis point to 3.135%.March 17th - Beijing released its economic performance data for January and February. New residential housing sales reached 664,000 square meters, a 10.9% increase, primarily driven by concentrated sales of affordable housing. In January and February, new commercial housing sales in Beijing totaled 934,000 square meters, a 1.3% year-on-year decrease, a significant narrowing of 5.6 percentage points compared to the 6.9% decrease for the whole of last year.March 17th - Thailands Deputy Prime Minister stated on Tuesday that Thailand has discussed the possibility of purchasing crude oil with the Russian government. He said the Thai Foreign Minister raised the issue at a meeting in Europe on Monday, and it is understood that negotiations are underway regarding the purchase of Russian crude oil. The Thai government will strive to keep domestic diesel prices capped at 33 baht (US$1.02) per liter.On March 17th, Rakuten Securities strategist Masayuki Kubota stated that if oil prices remain in the $90 per barrel range, Japanese companies willingness to invest in capital expenditures and private consumption are likely to remain robust. In this scenario, the negative and positive effects of rising energy costs will offset each other, limiting the drag on corporate profits. He believes that under this scenario, there is no need to revise his forecast of over 15% net profit growth for companies listed on the Tokyo Stock Exchanges main board for the fiscal year ending March 2027.March 17 - Data released by S&P Global on the Fujairah oil industrial region shows that marine fuel oil sales at the Port of Fujairah in the UAE fell to a record low in February. Trade sources expect sales to decline further in March due to the outbreak of the US-Iran conflict at the end of February and the drone attacks that have so far hampered oil loading operations at this major Middle Eastern fuel bunkering hub. According to the latest data and historical data since 2021, total marine fuel oil sales (excluding lubricants) in February amounted to 549,765 cubic meters (approximately 544,570 metric tons). Sales of low-sulfur marine fuel oil decreased by 1% month-on-month to 365,706 cubic meters, while sales of high-sulfur marine fuel oil plummeted by 35.6% month-on-month to approximately 147,000 cubic meters. Sales of marine light diesel oil decreased by 2.7% to 37,070 cubic meters. The market share of low-sulfur fuel oil expanded to 73% in February from 64% in January, while the market share of high-sulfur fuel oil narrowed to 27% from 36%.

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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