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On September 22nd, Ruth Gregory of Capital Economics stated in a report that the UKs public finance data for August was disappointing, which may limit the new UK governments policy ambitions. Public sector borrowing reached £18.3 billion in August, exceeding the Office for Budget Responsibility (OBR) forecast; the main reason for this was increased government spending, rather than weak fiscal revenue. This made the actual borrowing £8.1 billion higher than the OBRs March forecast. This overspending is expected to continue, as real GDP growth slows in the fourth quarter and the government is expected to announce further cost-of-living subsidies. This supports the view that to avoid significant tax increases or a strong market backlash, the government may scale back or postpone many policy objectives when it announces the budget next month.Ukrainian President Zelenskyy: We are continuing to explore the possibility of producing these air defense systems and missiles in Ukraine, while also working with partners to advance the FREYJA anti-ballistic missile project. We expect to see the first results this year.Ukrainian President Zelenskyy: We are also prepared to use funds provided by EU loans to purchase more SAMP/T air defense systems and their associated missiles for Ukraine.September 22 - According to Al-Masirah TV, controlled by the Houthi rebels in Yemen, Saudi Arabia launched a missile attack on the Zahir district and surrounding areas in Saada province, northern Yemen. There are currently no reports of casualties. Saudi Arabia has not yet responded to the report.Ukrainian President Volodymyr Zelenskyy met with French President Emmanuel Macron, primarily to discuss security issues and winter support plans for Ukraine.

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.

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