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On August 28th, in response to US President Trumps executive order signed on the afternoon of August 27th, renaming Lake Ontario on the US-Canada border as "Lake of the United States," Canadian Prime Minister Carney posted on social media, stating, "The name Lake Ontario has been around for over 400 years, predating the formation of the Canadian Confederation and the publication of the US Declaration of Independence. We know that the United States is changing. Their trade relations, foreign policy, national monuments, and even the names of their various bodies of water (hydrological names). And Canadians know, respecting reality, that its name is Lake Ontario—it was, it is, and it always will be."The Dow Jones Industrial Average rose 104.67 points, or 0.20%, to close at 53,568.55 on Thursday, August 27; the S&P 500 rose 55.10 points, or 0.72%, to close at 7,730.80; and the Nasdaq Composite rose 411.16 points, or 1.57%, to close at 26,541.35.August 28th - U.S. stocks closed Thursday with the Dow Jones Industrial Average up 0.2%, the S&P 500 up 0.7%, and the Nasdaq Composite up 1.57%. SK Hynix (SKHY.O) rose 2%, Tesla (TSLA.O) rose 2.6%, Nvidia (NVDA.O) rose 8.7%, and Broadcom (AVGO.O) rose 4%. The Nasdaq China Golden Dragon Index fell 0.74%, Baidu (BIDU.O) rose 4%, and Alibaba (BABA.N) fell 3%.According to the Financial Times, the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) will release a new set of rules on Thursday.August 28th - According to sources, US President Trump is expected to meet with US refiners and fuel retailers next week to discuss measures to lower gasoline prices. With the November midterm elections approaching, the Trump administration is seeking to alleviate the pressure on consumers caused by the Iran war. Companies expected to attend include refiners such as Valero Energy, Marathon Oil, and PBF Energy, as well as major fuel retailers. Republicans are trying to maintain their slim majority in Congress in the November elections. Currently, the price of regular gasoline in the US remains above $4 per gallon, about $1 higher than a year ago. The Iran war has disrupted global energy markets and led to tighter supplies of gasoline and other refined products. Major US oil companies and refiners reported strong second-quarter results. These results have drawn criticism from Trump, who believes that oil companies benefiting from price increases should do more to reduce costs for consumers. He has publicly pressured major oil producers and refiners to lower prices.

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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