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U.S. EIA natural gas storage for the week ending June 26 was 87 billion cubic feet, compared with an expected 81 billion cubic feet and a previous reading of 76 billion cubic feet.On July 2nd, White House National Economic Council Director Hassett criticized former Federal Reserve Chairman Jerome Powell for remaining at the Fed, arguing that this hinders the governments nomination of new Fed governors. "Its extremely unusual that Jay Powell didnt step down," Hassett said. "Its very unusual for a former Fed chairman to remain in office." Previously, Hassett stated, "Most people at the Fed didnt vote out of patriotism, but because they want Trump out of office." He made these remarks in response to a question about whether he had concerns about certain members of the Fed. Currently, only one member of the Feds Board of Governors was nominated by Trump since his re-election: new Chairman Kevin Warsh. Powells term as governor runs until January 2028, and he has stated he will remain in office for now. Powell had previously expressed concerns about an investigation into the Fed building project, calling it politically motivated. In April, he stated he would step down "when I think its appropriate."Nordic American Tankers: Three of its tankers have resumed international shipping operations after passing through the Strait of Hormuz. All crew members are safe and sound.The U.S. EIA natural gas storage figures for the week ending June 26 will be released in ten minutes.Bank of England Monetary Policy Committee member Mann: The overall unemployment rate may exaggerate the extent of the weakness in the labor market.

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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