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On December 24th, President Trump signed an executive order closing U.S. federal government agencies for three days from December 24th to December 26th. As a result, the U.S. Energy Information Administration (EIA) has postponed its weekly crude oil and natural gas inventory data releases to 11:30 PM on Monday, December 29th, and 1:00 AM on Tuesday, December 30th, respectively. Additionally, U.S. initial jobless claims data will be released earlier than scheduled due to the Christmas holiday, at 9:30 PM today, December 24th. Investors are advised to take note.The Hang Seng Index closed up 44.79 points, or 0.17%, at 25,818.93 on Wednesday, December 24; the Hang Seng Tech Index closed up 10.41 points, or 0.19%, at 5,499.3; the H-share Index closed up 1.29 points, or 0.01%, at 8,915.12; and the Red Chip Index closed up 1.53 points, or 0.04%, at 4,069.06.The UK FTSE 100 index opened down 5.87 points, or 0.04%, at 9882.65 on Wednesday, December 24; the French CAC 40 index opened up 8.03 points, or 0.09%, at 8111.39 on Wednesday, December 24; the Euro Stoxx 50 index opened up 7.97 points, or 0.14%, at 5751.66 on Wednesday, December 24; and the Spanish IBEX 35 index opened down 22.01 points, or 0.14%, at 17157.69 on Wednesday, December 24.On December 24th, the Central Commission for Discipline Inspection of the Communist Party of China issued a "Notice on Strengthening Discipline and Conduct During the 2026 New Years Day and Spring Festival Holidays." The notice emphasizes the need to strictly prevent and address hedonism and extravagance to ensure a clean and frugal holiday. Discipline inspection and supervision organs at all levels are required to conduct thorough supervision and inspections, strengthening both overt and covert investigations, and promptly investigating and severely punishing any signs of misconduct. The notice focuses on persistent problems disguised as social interactions, strictly investigating issues such as illegal dining and drinking, accepting and giving gifts and money in violation of regulations, and using weddings and funerals as opportunities to amass wealth. It calls for accurate identification and timely handling of hidden and disguised behaviors, focusing on catching offenders, highlighting typical cases, and issuing public notices to deepen the joint investigation and treatment of corruption and misconduct, continuously sending a strong signal of strictness. The notice also urges Party and government organs at all levels to implement the requirement of living frugally, standardizing official receptions, meetings, training sessions, and activities such as festivals, exhibitions, and forums, and strictly preventing impulsive spending at the end of the year. Finally, it calls for vigorous rectification of unhealthy practices behind phenomena such as high-end cigarettes, alcohol, tea, "luxurious New Years Eve dinners," and excessively packaged holiday gifts.BP shares rose 1.5% after announcing the sale of its stake in Castrol.

Forming Potentially Bearish Reversal Top

Cory Russell

Jul 25, 2022 15:22

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Late in the trading day on Friday, September E-mini Dow Jones Industrial Average futures are trading lower after giving up previous gains. The blue chip Dow had a sharp decline as the S&P 500 Index and NASDAQ Composite Index experienced a sharp decline as technology equities fell as a result of disappointing earnings results from Snap and Twitter.


September E-mini Dow Jones Industrial Average futures are trading at 31772, down 235 points or 0.73 percent, as of 17:53 GMT. From an intraday high of 32193, this is now lower. The SPDR Dow Jones Industrial Average ETF (DIA) is down $1.33 or 0.41 percent, trading at $319.08 today.


In stock-related news, shares of Intel Corp. and Verizon Communications are both down close to 3.5 percent. Apple is down over 1.0 percent, while Microsoft is down more than 1.5 percent.


Procter & Gamble and American Express are the only companies outperforming the market, both up by about 2.0%.

Economic Information Influences Attitude

Following the publication of additional discouraging economic statistics, doubts about the status of the American economy as well as concerns about profits affected confidence.


The U.S. PMI Composite output index, which analyzes activity in both the manufacturing and service sectors, recorded a preliminary value of 47.5, which indicates declining economic production. The index has not been at that level for more than two years.

Swing Chart Technical Analysis for the Day

The daily swing chart indicates that the overall trend is upward, but the price action in the late session indicates that momentum may be changing to the negative.


A transaction through 32193 will indicate that the uptrend has resumed. If 30109 is crossed, the primary trend will shift to being downward.


Smaller trend is similarly upward. The minor trend will turn downward if there is a trade through 31504. The downward momentum will change as a result.

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