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On April 30th, Federal Reserve Chairman Jerome Powell told reporters at the end of his final press conference as Fed chairman on Wednesday, "Wont see you next time." This statement implicitly indicated that Kevin Warsh, not Powell, would be the one to attend the post-meeting press conference at the Feds next policy meeting in mid-June. This playful remark also confirmed Powells earlier promise: although he plans to continue serving as a Fed governor for some time after his term expires in May—due to concerns about the Trump administrations continued attacks on the Feds independence—he will not attempt to act as a "shadow chairman" to undermine Warshs authority.The Dow Jones Industrial Average closed down 280.12 points, or 0.57%, at 48,861.81 on Wednesday, April 29; the S&P 500 closed down 2.80 points, or 0.04%, at 7,136.00 on Wednesday, April 29; and the Nasdaq Composite closed up 9.44 points, or 0.04%, at 24,673.24 on Wednesday, April 29.Microsoft (MSFT.O) reported revenue of $82.9 billion for Q3 of fiscal year 2026, compared to $70.066 billion in the same period last year and market expectations of $81.36 billion.On April 30th, U.S. stocks closed lower. The Dow Jones Industrial Average initially closed down 0.57%, the S&P 500 fell 0.04%, and the Nasdaq Composite rose 0.04%. NXP Semiconductors (NXPI.O) surged 25%, Nvidia (NVDA.O) fell 1.8%, Qualcomm (QCOM.O) rose 4%, and Intel (INTC.O) rose 12%. The Nasdaq China Golden Dragon Index closed down 0.63%, Baidu (BIDU.O) fell 3.7%, and iQiyi (IQ.O) rose 4.5%.On April 30th, it was reported that Jerome Powells decision to remain on the Federal Reserve Board of Governors after his term as Chairman ended is uncommon, but not unprecedented. Most modern Fed Chairs leave the Board after their terms expire. Powells predecessor, Janet Yellen, left the Fed in 2018 to join the Brookings Institution, and was subsequently appointed as Bidens Treasury Secretary in 2020. The only exception is Eccles, who served as Fed Chair from 1934 to 1948, and remained on the Board for another three years. Eccles played a key role in the clash with Truman over the extent of the White Houses power in setting interest rates, a confrontation that ultimately ensured the Feds modern independence. Powell has not shied away from addressing the political pressures facing the Fed during his tenure. He made it clear on Wednesday that his decision to remain was not due to any politicians verbal attacks, but rather a result of legal action against the Fed.

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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