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Hong Kong-listed tech stocks fluctuated and declined, with Bilibili (09626.HK), Baidu (09888.HK), Alibaba Health (00241.HK), and many others falling by more than 5%. NetEase-S (09999.HK), Alibaba (09988.HK), Tencent Holdings (00700.HK), and JD.com (09618.HK) also followed suit.Hong Kong-listed oil giants continued to weaken, with PetroChina (00857.HK) and CNOOC (00883.HK) both falling by more than 5%, and Sinopec (00386.HK) falling by more than 3%.The UKs January Nationwide House Price Index will be released in ten minutes.February 2nd - Commodity markets declined across the board on Monday, with gold, silver, crude oil, and industrial metals leading the losses. CBA commodity strategist Vivek Dhar stated, "The markets decision to sell precious metals alongside US stocks suggests that investors perceive Warsh as more hawkish. Furthermore, a stronger dollar has also put pressure on precious metals and other commodities, including crude oil and base metals." However, he maintains his forecast that gold prices will reach $6,000 in the fourth quarter. Asian stocks followed US stock futures sharply lower, and the chaotic sell-off in precious metals added tension to the start of a week packed with corporate earnings reports, central bank meetings, and economic data. Dhar stated, "The key question is whether this marks the beginning of a structural decline in commodity prices or is merely a correction. We believe this is a correction and buying opportunity, rather than a fundamental shift."The ChiNext index fell by more than 2%, with semiconductor and memory chip concepts weakening.

S&P 500 Price Forecast – 3700 Continues to Hold as Support

Skylar Shaw

Jun 23, 2022 14:55

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After initially tumbling into the 3700 support level throughout the trading day, the S&P 500 has made a big rebound. 

S&P 500 Technical Analysis

After first dropping below the 3700 level during the trading session on Wednesday, the S&P 500 has seen a wild journey. Since the 3700 level has been significant for a few weeks, it is probable that sellers will now make it their goal. 3600 and 3500 are the next targets if we can drop below the most recent low. What we are currently witnessing is a small-scale bear market rebound, which does make some sense given the extreme selling pressure that we had previously witnessed.


If we do move higher from here, 4000 should be a resistance level that will be difficult to surpass unless there is a fundamental shift in the news. In the end, I believe we have a position where breaking down makes more sense, but we could be in for a setup where we "fade the rallies." Since there is nothing positive in the economic pipeline right now and many earnings predictions will need to be revised at this point, I do not enjoy investing in the stock market right now. A brief recovery rally does, however, make a lot of sense because markets do not continuously decline.


I see this as a chance to go short once more, but if we were to breach the 4200 level, you would need to be persuaded that the true brand has changed. I'm not currently concerned about the move because it costs 400 points. In the end, a recession is inevitable, and the market is now beginning to reflect that.

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