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As of 09:30 Beijing time, New York gold futures fell 0.34%, New York silver futures rose 0.72%, and New York copper futures rose 0.07%.On August 28, Russian State Duma Chairman Volodin, in an interview, strongly refuted Japans comments regarding Russian President Putins visit to Iturup Island (known as Etorofu Island in Japanese). Volodin emphasized that the Japanese leadership should face up to its history of aggression. During World War II, Japanese militarism caused severe harm to many countries and was punished for it. Now, the Japanese leadership is reviving dangerous rhetoric, which will only lead to further defeat.According to JLC Network Technologys calculations, as of the tenth working day on August 28th, the average price of benchmark crude oil was $88.21 per barrel, with a change rate of 6.74%. Domestic gasoline and diesel retail prices should be increased by 375 and 360 yuan/ton, respectively. 1. Shandong Local Refineries: With international crude oil futures prices rebounding at the close, coupled with a moderate increase in purchases by industry players yesterday, local refineries are close to achieving a balance between production and sales of gasoline and diesel. Driven by positive factors, it is expected that the price of refined oil products from Shandong local refineries will rise by 30-50 yuan/ton today. 2. East China: On Friday, crude oil prices rebounded at the close, and the window for price increases opened, providing renewed support from the news. It is expected that gasoline and diesel prices from major oil companies in East China will consolidate at high levels today, with industry players mainly operating on an as-needed basis, resulting in a relatively weak market trading atmosphere. 3. South China: On Friday, international crude oil prices rose at the close, and the window for retail price increases opened. Positive news boosted the market, and it is expected that gasoline and diesel prices from major oil companies in South China will remain high and consolidate today, with the terminal market mainly purchasing on an as-needed basis, resulting in a sluggish trading volume. 4. North China: On Friday, the rebound in international oil prices narrowed, and the window for retail price increases opened, which is expected to support the high prices of gasoline and diesel from major oil companies in North China. A small number of prices may see slight increases. Traders are cautious with their immediate needs, resulting in a quiet and stable trading environment. 5. Central China: On Friday, crude oil prices rebounded after a decline, and the window for retail price increases opened. Supported by this positive news, gasoline and diesel prices from major oil companies in Central China are expected to remain high today. Traders are purchasing only as needed, resulting in a quiet and stable market.On August 28th, the State Council Information Office held a press conference to introduce the development of Chinas service trade and the progress of preparations for the 2026 China International Fair for Trade in Services (CIFTIS), and answered questions from reporters. The press conference announced that this years CIFTIS will further leverage its role as an open platform, establishing a "China Services" exhibition area in the core area of the thematic exhibition for the first time to showcase innovative achievements and typical cases in the service trade sector from various regions. The Global Service Trade Summit will continue to be held at a high level, authoritative reports such as the "China Service Trade Development Report" will be released, and nearly 100 conferences and events will be held to provide opportunities for countries around the world to discuss and promote the liberalization and facilitation of service trade.The Peoples Bank of China (PBOC) announced today that it conducted 20 billion yuan of 7-day reverse repurchase operations, with both bids and winning bids amounting to 20 billion yuan, at an interest rate of 1.40%. Simultaneously, it conducted 333 billion yuan of overnight reverse repurchase operations.

S&P 500 Price Forecast – S&P 500 E-mini Contract Spikes After CPI

Florala Chen

Dec 14, 2022 14:32

Technical Analysis of the S&P 500

The lower-than-expected CPI statistics caused the S&P 500 E-mini contract to soar quite a little during Tuesday's trading session. As a result, it appears like the market is attempting to price in a weaker monetary policy. At the end of the day, we still need to consider the Federal Reserve meeting that will take place on Wednesday. The statement from that meeting will undoubtedly have a significant impact on what occurs next.


In the end, it appears that the market swiftly reconsidered the entire scenario after realizing that the chairman of the Federal Reserve will likely attempt to reduce risk appetite. In spite of being lower than expected, the CPI statistic is still a scorching 7.1% year-over-year. Since that is still unsatisfactory, I believe the Fed will try to take some action to reduce risk appetite and, as a result, lower inflation.

The market might attempt to breach the 4200 level, though, if Jerome Powell fumbles the conference, which is a possibility. As we approach the end of the year, things could spiral out of control due to that area's likely "melt up" in the S&P 500 and, of course, a shortage of liquidity. All things being equal, we are at a key turning point for the upcoming few months, and tomorrow, Jerome Powell will be in the spotlight. Over the coming sessions, if we decline below the 50-Day EMA, it might trigger a significant breach.

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