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Hong Kong stocks opened lower, with the Hang Seng Index down 0.64% and the Hang Seng Tech Index down 0.42%. Mainland property and banking sectors led the gains, while gold stocks fell sharply. Meituan (03690.HK) rose 2.52% after its earnings report, and Beike (02423.HK) rose more than 4%.The yield on Japans 5-year government bond rose 2.5 basis points to 2.210%.On August 31, U.S. Treasury Secretary Bessant stated that he expects Bank of Japan Governor Kazuo Ueda to "do the right thing" regarding monetary policy. When asked whether the Bank of Japan should consider raising interest rates consecutively to address the weak yen, Bessant said, "Im not going to tell them what to do. What I would say is that I do think we may have reached the end of Abenomics. Abenomics is a policy aimed at driving reflation." Bessant is expected to meet with Ueda on Monday during a two-day meeting of G20 finance ministers and central bank governors in Asheville, North Carolina. Bessant made these remarks as the yen fell below 160 against the dollar, the first time since Japan intervened in the currency market a month ago to support the yen. The United States also participated in this intervention, marking the first time since 1998 that the U.S. and Japan have taken coordinated action to support the yen.On August 31, local time, the U.S. Central Command stated that the U.S. military had taken "limited and precise" action against Iranian Islamic Revolutionary Guard Corps mine-laying forces that posed an "imminent threat" in the Strait of Hormuz. The U.S. stated that Iran created the threat, and the U.S. military action was taken to protect the free passage of civilian seafarers, commercial shipping, and global trade.Hang Seng Index futures opened down 0.58% at 25,366 points, a discount of 213 points.

S&P 500 Price Forecast – Stock Markets Continue to See Selling Pressure

Skylar Shaw

Sep 30, 2022 15:09

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Technical Analysis of the S&P 500

Due to the continued strong downward pressure on stock markets, the S&P 500 E-mini contract has been quite bearish throughout Thursday's trading session. In the end, a lot of things are happening all around the globe, and the US dollar is strengthening. The S&P 500 won't do well in that climate, and neither will any other stock index, for that matter. I like fading rallies, and I also enjoy the notion of shorting those who do experience that break down below the 3600 mark.


The S&P 500 will likely have dropped below the 3500 level by then, which is a big, round, psychologically meaningful number. In the end, this is a market that, given enough time, should see a lot of volatility and, therefore, a lot of causes for people to feel uneasy. Nevertheless, bear market rallies have a reputation for being rather nasty, so an occasional snap to the upside is possible.


Given the market's continued exposure to a lot of outside unfavorable impact, they will almost certainly remain selling opportunities. Interest rates, global slowdowns, and a slew of other geopolitical concerns are all producing problems at the moment. In the end, I believe that in this situation, with enough time, we should see significant downward pressure. In light of this, maintain a manageable position size and refrain from going all in on each transaction you make. In a market like this, sound money management is essential.

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