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January 25th – The Fourth Session of the 16th Beijing Municipal Peoples Congress opened at the Beijing Conference Center on the morning of January 25th. Mayor Yin Yong delivered the government work report. The report proposed vigorously developing high-tech industries. It called for consolidating and strengthening the foundation of the real economy, promoting the expansion of key integrated circuit projects, constructing a high-level international pharmaceutical innovation park, and advancing key projects across the entire ecosystem, including green advanced energy, new energy vehicles, robotics, and commercial aerospace. It also emphasized accelerating the construction of a global digital economy benchmark city, fully implementing the "Artificial Intelligence+" action plan, and building a national artificial intelligence application pilot base. Furthermore, it stressed promoting the construction of a future industry pilot zone and cultivating new growth points such as 6G, quantum technology, and biomanufacturing. Finally, it called for promoting the upgrading of traditional industries and facilitating the digital transformation of the manufacturing industry.January 25th - The Fourth Session of the 16th Beijing Municipal Peoples Congress opened on January 25th. Beijing Mayor Yin Yong delivered the government work report. This year, Beijing will optimize the implementation of key projects, accelerate the construction of key projects such as the "3 x 100" projects, proactively launch eligible major projects from the "15th Five-Year Plan," and solidly prepare project reserves, maintaining a strong momentum of "one project initiation and three backups." The city will continue to optimize its investment structure, strengthen industrial investment, increase investment in improving peoples livelihoods and upgrading consumption, leverage the investment capabilities of central government units and municipal enterprises, and promote major projects with a total investment of no less than 200 billion yuan to private capital.The U.S. Department of Energy issued an emergency order to deploy backup power resources to data centers and other critical facilities in Texas during the storm.January 25th – The Fourth Session of the 16th Beijing Municipal Peoples Congress opened at the Beijing Conference Center on the morning of January 25th. Mayor Yin Yong delivered the government work report. The report stated that during the 14th Five-Year Plan period, Beijing achieved remarkable results in high-quality economic development. The leading role of scientific and technological innovation has become more prominent. The pioneering reforms in Zhongguancun and the construction of the "two zones" have yielded fruitful results. R&D investment intensity ranks among the top in the world. The number of unicorn companies ranks first among all cities in China. The number of high-value invention patents per 10,000 people and the number of national-level specialized and innovative "little giant" enterprises have doubled compared to 2020. Three trillion-yuan-level and seven hundred-billion-yuan-level industrial clusters have been cultivated, and the endogenous driving force of economic development has become stronger.January 25th - The Fourth Session of the 16th Beijing Municipal Peoples Congress opened on January 25th. Beijing Mayor Yin Yong delivered the government work report. The "Outline of the 15th Five-Year Plan for National Economic and Social Development of Beijing (Draft)" sets 29 major indicators across six dimensions: innovation, coordination, green development, openness, sharing, and security. These include: an average annual GDP growth rate of 4.5%-5%, striving for even better results; total labor productivity reaching approximately 580,000 yuan per person; total social R&D investment accounting for over 6% of GDP; an average annual GDP growth rate of over 5% in the sub-center of Beijing and the Pingyuan New City; an average annual growth rate of around 5% in service trade; an urban surveyed unemployment rate controlled below 5%; a workplace accident fatality rate per unit of GDP controlled below 0.6 deaths per 10 billion yuan; and a colorization rate of 24.2%, among others.

Stock Markets Continue to Put Up a Fight

Cory Russell

Jul 18, 2022 15:12

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Weekly Technical Analysis for the S&P 500

The S&P 500 has declined considerably over the last week, but it's important to remember that the previous three candlesticks have all been hammers, which does indicate that a balance or perhaps a breakout to show signs of life is very approaching. Having said that, I believe the market will, more often than not, exhibit a scenario in which there will be a brief rebound and maybe a bid to test the 4200 level. If we could break through the 4200 level, which has served as a big area of resistance as well, the general trend would alter.


On the other side, this market is likely to crash very severely if we reverse course and break down below the 3640 level and, therefore, the 200 day EMA. Given everything being equal, I think this market is a touch oversold, so a little rebound makes some sense. The market will likely continue to be choppy and noisy, and you should be concerned about the fact that we are almost certainly heading into a recession, despite what some people on Wall Street would have you believe. Keep in mind that we are about to enter the earnings season, so you need to pay close attention to pre-market volatility.


In the end, I believe fading rallies will continue to be effective, but we must wait for those rallies to take place in order to get some opportunity and a better risk-to-reward ratio.

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