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The Hang Seng Tech Index fell by more than 1%, with star tech stocks leading the decline. Baidu (09888.HK) and Kuaishou (01024.HK) both fell by more than 4%.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report stated that Shanghai will intensify its efforts to implement policies supporting enterprises in stabilizing and expanding employment, and promoting entrepreneurship to drive job creation. It will also strengthen employment assistance for key groups such as college graduates and those facing employment difficulties, aiming to create over 600,000 new urban jobs. The report also outlines the exploration of a mechanism to assess and address the impact of artificial intelligence technology applications on employment.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report revealed that Shanghai will optimize its fertility support policies and incentive measures this year. A new round of child-friendly city construction initiatives will be launched, the overall quality of kindergartens will be improved, and inclusive childcare and integrated childcare services will be vigorously developed.February 3 – The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3 at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the Government Work Report. The report stated that this year, the city will advance the strategy of driving development through major cultural industry projects, improve the mechanism for cultivating cultural enterprises, refine support policies for the construction of cultural and creative parks and the integration of culture and technology, continuously enhance the capabilities of cultural industries such as film and television production, performing arts, creative design, and ultra-high-definition media, and cultivate and expand new cultural formats such as micro-dramas and metaverse.February 3rd - The Fourth Session of the 16th Shanghai Municipal Peoples Congress opened on the morning of February 3rd at the Shanghai World Expo Center. Shanghai Mayor Gong Zheng delivered the "Government Work Report." The report indicated that this year, the city will further implement urban renewal initiatives. Efforts will be made to accelerate, expand, and improve the efficiency of urban village renovation projects, fully launch overall renovation projects, and make every effort to ensure the resettlement of village residents. 200,000 square meters of old housing will be renovated into complete apartments.

S&P 500 Weekly Price Forecast – Stock Markets Continue to Look Threatened

Steven Zhao

Oct 08, 2022 14:31

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Weekly Technical Analysis for the S&P 500

The S&P 500 attempted to rise during the week, but it gave up a significant portion of the gain as we ultimately formed an inverted hammer. It goes without saying that the inverted hammer, which is right below the 200-Week in May, merits notice as well. The 3700 level was a previously supported location, which is maybe even more significant, so it would make sense that it would have a lot of inherent resistance.


The week's inverted hammer shape does indicate that we are prepared to fall lower. It is conceivable that we would seek for the 3500 level if we were to collapse below the inverted hammer's bottom. You should be paying attention to the 3500 level since it is a large, rounded number with psychological significance that undoubtedly will generate a lot of media attention.


Alternately, the market is likely to go for the 4000 level if we were to break over the top of the inverted hammer. Although I don't believe that occurs, it is something to be aware of. In the end, the Federal Reserve's mishandling of the stock market is a problem, and it is clear that they are not prepared to continue tightening monetary policy. You will need to keep an eye on the interest rate sector and bond market to pay special attention to where we should go next at this point since it's possible that increasing interest rates will continue to act against the stock market.

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