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On January 14, Foreign Ministry Spokesperson Mao Ning held a regular press conference. Mao Ning announced that the Chinese government has appointed Ambassador Yan Wenbin as the Special Representative of the Chinese Government for Shanghai Cooperation Organisation (SCO) Affairs and the Chinese National Coordinator for the SCO. Mao Ning stated that this position is an important one created by China to deepen exchanges and cooperation with SCO member states. Ambassador Yan Wenbin has extensive diplomatic experience and is familiar with SCO affairs. He expressed confidence that Ambassador Yan will actively fulfill his duties, maintain close working relationships with the national coordinators of member states, implement the consensus reached by leaders, strengthen organizational building and cooperation, jointly promote regional security, stability, development, and prosperity, and advance the building of a closer SCO community with a shared future.Sources say Indian Oil Corporation has purchased 2 million barrels of Ecuadorian crude oil from a trader, with delivery scheduled for the end of March.January 14th - According to South Korean sources, in response to North Koreas demand for an apology from South Korea regarding the drone intrusion incident, South Korean Unification Minister Chung Dong-young stated on the 14th that a joint South Korean military and police investigation task force is conducting an investigation, and appropriate measures will be taken once the investigation results are released. Chung Dong-young also expressed his hope to restore inter-Korean communication channels that day. He said, "Exchanging information solely through long-distance conversations is unnatural and abnormal."January 14th - The State Council Information Office will hold a press conference at 3:00 PM on Thursday, January 15th, 2026. Zou Lan, spokesperson and vice governor of the Peoples Bank of China, and Li Bin, spokesperson and vice director of the State Administration of Foreign Exchange, will introduce the achievements of monetary and financial policies in supporting the high-quality development of the real economy and answer questions from reporters.On January 14th, the Shanghai Futures Exchange (SHFE) reported the following data on energy and chemical warehouse receipts and changes: 1. Pulp futures warehouse receipts: 137,134 tons, unchanged from the previous trading day; 2. Pulp futures mill warehouse receipts: 12,000 tons, unchanged from the previous trading day; 3. Offset paper futures warehouse receipts: 0 tons, unchanged from the previous trading day; 4. Offset paper futures mill warehouse receipts: 2,840 tons, unchanged from the previous trading day; 5. Fuel oil futures warehouse receipts: 0 tons, unchanged from the previous trading day. 6. Petroleum asphalt futures warehouse receipts: 15,640 tons, down 200 tons from the previous trading day; 7. Petroleum asphalt futures factory warehouse receipts: 30,810 tons, up 6,000 tons from the previous trading day; 8. Medium-sulfur crude oil futures warehouse receipts: 3,464,000 barrels, unchanged from the previous trading day; 9. Low-sulfur fuel oil futures warehouse receipts: 18,280 tons, unchanged from the previous trading day; 10. Low-sulfur fuel oil futures factory warehouse receipts: 0 tons, unchanged from the previous trading day.

Price Action Suggests Momentum Shifting to Down

Steven Zhao

Jul 25, 2022 15:57



After the session's midpoint on Friday, September E-mini S&P 500 Index futures started to move down as the benchmark index was hampered by a poor performance in the technology sector. Poor results by Twitter and Snap were the main drivers of the sell-off, which sparked a wave of selling in social media companies.


September E-mini S&P 500 Index futures are now trading at 3949.00, down 52.25 or 1.31 percent, as of 17:53 GMT. The S&P 500 Trust ETF (SPY) is down $5.49 or 1.38 percent, trading at $393.30.


Early in the morning, the market suffered from Twitter and Snap's dismal quarterly sales. By mid-session, Twitter was down 1.2 percent, and Snap's shares had fallen about 40%.


Meta Platform Inc. and Alphabet Inc., two industry leaders in online advertising, saw their shares fall by 7.5% and 5.6%, respectively, hurting the NASDAQ.


According to Reuters, a poll released on Friday revealed that U.S. business activity fell in July for the first time in almost two years, adding to worries about an economy that is being stymied by high inflation, increasing interest rates, and declining consumer confidence.

Swing Chart Technical Analysis for the Day

The daily swing chart indicates that the overall trend is upward. The intraday price movement, however, indicates momentum could be swinging downward.


A move through 4016.25 will indicate that the uptrend has resumed. The primary trend will switch to down if a transaction is made through 3723.75.


The middle range is 4204.75 to 3639.00. The index is now challenging the 3821.75 to 3988.75 retracement range.


The minor range is 3723.75 to 4016.25. A possible objective on the downside is its 50 percent mark at 3870.00.


3639.00 to 4016.25 is the short-term range. The last possible support before the big bottom at 3639.00 is located in its retracement range, which runs from 3815 to 3773.50.

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