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On May 17, according to Japans Kyodo News, a U.S. Navy sailor stationed in Japan was arrested by local police on suspicion of stealing a wallet and other items. The report stated that the incident occurred at approximately 2:15 AM local time (1:15 AM Beijing time) on May 17. The suspect allegedly stole a paper bag containing a wallet, smartphone, and other items worth approximately 105,000 yen (about 4,503 yuan) from a taxi in Sasebo City, Nagasaki Prefecture. The taxi driver called the police, reporting that a man suddenly got into the car, argued with a woman inside, and then stole the paper bag. The report also stated that the U.S. sailor is affiliated with the U.S. Marine Corps base in Sasebo and has denied some of the charges.On May 17th, Australian Treasurer Jim Chalmers reiterated on Sunday that reforming Australias capital gains tax system aims to fix the malfunctioning housing market. Chalmers stated that the current tax system favors housing over other assets, driving up house prices and excluding young people from the property market. He added that this has also made the Australian stock market relatively unattractive for a long time. This statement comes amid criticism from the opposition, who say Chalmers has broken his campaign promise not to change the housing tax system. Others warn that the move could stifle investment in Australias nascent startups and disrupt the investment strategies of high-net-worth individuals.On May 17th, the Shenzhen Municipal Housing and Construction Bureau released the "Shenzhen 2026 Housing Development Annual Plan." The plan aims to optimize the supply of affordable housing, constructing and raising 30,000 units (rooms) and supplying 40,000 units (rooms) to meet the basic housing needs of wage earners and various families facing housing difficulties. It also promotes the construction of pilot projects for "good housing," advances the renovation and upgrading of urban villages and old urban residential areas, and promotes the pilot creation of future communities (complete communities), effectively enhancing citizens sense of gain, happiness, and security.May 17 – According to a press release from the Hong Kong Special Administrative Region Government on May 17, Financial Secretary Paul Chan Mo-po will depart for three European cities tomorrow (May 18) in the early hours of the morning, including Paris, France; Brussels, Belgium; and Zurich, Switzerland, to introduce and promote Hong Kongs new developments and opportunities as an international financial center, aiming to attract investment and promote exchanges. Chan will depart from Zurich at noon on May 22 (Zurich time) and return to Hong Kong on the morning of May 23 (Hong Kong time).On May 17, it was reported that Samsung Electronics and its South Korean labor union will resume wage negotiations next Monday with the participation of government mediators, a move that may alleviate market concerns about a potentially destructive strike by the tech giant. "A single days shutdown of Samsung Electronics semiconductor plants is expected to cause direct losses of up to 1 trillion won (approximately US$668 million)," South Korean Prime Minister Kim Min-seok said on Sunday after an emergency meeting with ministers. "More worrying is that a short-term shutdown of semiconductor production lines could lead to months of production disruptions." Kim added that if the strike results in the disposal of materials, the market fears the economic losses could extend to as much as 100 trillion won. Under regulations, if the South Korean government determines that a labor dispute may harm the economy or peoples livelihoods, the Minister of Labor can issue an emergency arbitration order. This order immediately halts industrial activity for 30 days, while the National Labor Relations Committee initiates mediation and arbitration. This measure is rarely used.

Nine Reasons Why the S&P500 Should Continue to Rally

Skylar Shaw

Apr 07, 2022 11:11


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S&P 500 Technical Comparison With 2021 Rally

Although it is frequently said that "past performance is no guarantee of future outcomes," in this update, I will examine nine distinct TA items to determine whether, as Mark Twain famously remarked, "History Doesn't Repeat Itself, But It Often Rhymes." Take a look at Figure 1.


Figure 1: Daily candlestick charts of the S&P500 using a variety of technical indicators and moving averages.


The comparison to November 2021 shows that increased costs are on the way.


I compare the present rally to the one that began in October 2021 and lasted until December 2021, since the SPX has already risen about 500 points from the February 24 low. In the Tas, I've numbered the similarities between then and today. This approach enables objective evaluation of the price chart:


  1. The Bollinger Bands expanded initially (black arrows), then the lower band bottomed, followed by a move back up, much like the index.

  2. The index is above its 200-day simple moving average (in red) (SMA)

  3. The Ichimoku Cloud is above the index.

  4. The index is above the 50-day SMA.

  5. The index is above the 20-day SMA.

  6. The index dropped slightly before rallying.

  7. The RSI5 dropped quickly, but did not go below 50.

  8. The MACD fell slightly, and the histogram crested, but it was still solidly going upward.

  9. MFI14 (Money Flow Indicator) remained around 70.

US Stock Market Technical Forecast

Since the notorious February 24 bottom, the S&P500 has rebounded almost 500 points. There are (at least) nine parallels between the most recent surge (October-December 2021) and presently, according to an impartial examination. The surge paused for a short while before adding 4.5 percent, followed by a more dramatic reversal (-5.3 percent).


The index experienced a brief pause in the middle of last week and has since resumed its upward trend. Similar to the surge in October and December of 21. Based on these nine comparable TA settings, the current rally has a good chance of reaching new uptrend highs (think SPX4750+/-50) before a more major pullback (think SPX4350+/-50).


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