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On March 29th, Fox News released a poll showing that nearly two-thirds of American voters surveyed are dissatisfied with President Trumps administration, the highest disapproval rate during his two terms. The conservative media outlets poll of 1,001 registered voters showed a 59% disapproval rate for Trump, an 8-point increase from a year ago, marking not only the highest disapproval rate since the start of his second term but also surpassing the record set during his first term; the approval rating, however, fell from 49% a year ago to 41%. The poll randomly sampled respondents from the U.S. voter registration list. Among Republican supporters, Trumps approval rating was 84%, down 8 percentage points from the same period last year, the lowest since the start of his second term. His disapproval rates among Democratic voters and independent voters reached 95% and 75%, respectively.Ukrainian President Zelensky: I have arrived in Jordan for an “important meeting”.On March 29th, amidst the global energy crisis and soaring fuel prices, Egyptian Prime Minister Madbouly announced on the 28th a series of energy-saving measures to cope with the impact. Egypt will slow down the implementation of large-scale national projects involving high gasoline and diesel consumption for at least two months, while reducing fuel rations for all government vehicles by 30%. Madbouly also stated that, except for the service and manufacturing sectors, Egypts public and private sectors will implement remote work every Sunday in April, the first working day of each week. Given Egypts heavy reliance on energy imports, the government had previously raised fuel prices and public transportation fares to cope with global energy market volatility.March 29th - According to disclosures by the Hong Kong Stock Exchange, Manycore Tech Inc., a space intelligence unicorn company, updated its post-hearing information set, signifying that the company has successfully passed the Hong Kong Stock Exchanges listing hearing. JPMorgan Chase and CCB International are the joint sponsors for this IPO. If the listing is successfully completed, Manycore Tech will become the "worlds first listed space intelligence company," and also the first of the "Six Little Dragons of Hangzhou" to complete an IPO.March 29th - Starting today (March 29th), many European countries have begun observing daylight saving time, meaning that trading hours in European financial markets will be one hour earlier than during winter time. Specifically, starting next Monday, European stock trading hours will be 15:00-23:30 Beijing time. The release times of economic data from various European countries will also be one hour earlier than during winter time. Please take note.

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.