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April 22 – The Third High-Level Meeting of the Global Forum on Shared Development Actions was held in Beijing. Wang Yi, Member of the Political Bureau of the CPC Central Committee and Director of the Office of the Central Foreign Affairs Commission, attended the opening ceremony and delivered a speech. Wang Yi emphasized that China is willing to work with all parties to leverage the implementation of global development initiatives as a platform to pool broad development resources, build a solid foundation for development, adhere to the path of peaceful development, create an open development environment, and continuously move towards the lofty goal of building a community with a shared future for mankind. China will take proactive measures, deepen cooperation, and always act as a promoter and contributor to global development, working with all parties to create a new landscape for global development through pragmatic actions.On April 22nd, Kuaishou (01024.HK) announced at its 618 Merchant Conference that its 618 promotion will launch in early May, divided into five phases: pre-sale period, opening day, themed days, category days, and closing day, lasting until mid-to-late June. During this promotion, the platform will utilize AI intelligent models to assist merchants in diagnosing operational issues and providing targeted business guidance.Kazakhstans Energy Minister: Kazakhstan does not intend to reduce oil production due to the suspension of exports to Germany.The yield on Japans 30-year government bonds rose 2.5 basis points to 3.580%.On April 22, the Ministry of Finance of the Peoples Republic of China issued RMB 15.5 billion of 2026 treasury bonds through a public tender to institutional investors in Hong Kong. The issuance was well-received, with an oversubscription rate of 4.6 times. The bonds included: RMB 5 billion in 2-year bonds with an interest rate of 1.32%; RMB 5 billion in 3-year bonds with an interest rate of 1.36%; RMB 4.5 billion in 5-year bonds with an interest rate of 1.50%; and RMB 1 billion in 15-year bonds with an interest rate of 2.08%.

S&P 500, Nasdaq 100 Choppy on Thin Trading Volume with Europe Closed

Cory Russell

Apr 19, 2022 10:46


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Early on Monday, US market indexes were jittery as traders braced for a busy week of corporate reports. With most European markets closed for the Easter vacation on Monday, activity has been light, creating the ideal conditions for volatility. Bank of America surpassed quarterly estimates before the market opened, following in the footsteps of other Wall Street firms that reported last week.


China's GDP statistics was revealed overnight, and it again above expectations, much to the surprise of many. China has recently been in the news, as a number of big cities remain under lockdown as Covid spreads rapidly.


Netflix, Tesla, and Snapchat are among the companies reporting results this week. As a variety of variables continue to undermine GDP and inflation projections, sentiment remains low coming into this results season. A good results quarter ahead of the May FOMC meeting might provide some relief to battered US equities indexes.


As market investors comprehend the reality of tighter monetary policy, the S&P 500 (ES) continues to trend downward. Remember, the adage "don't fight the Fed" applies in both directions. Despite the general downward trend, there have been several actionable possibilities in recent weeks. ES bounced hard off the 4360 level overnight, eventually hitting resistance around the 4404 level, which served as a crucial pivot point last week. If we retest the overnight lows at 4355, we might see a fast test of 4340. Unless bulls can break the trend and target the 4440-444 zone again, bears may maintain control of the market.

NASDAQ 100 FUTURES 4 HOUR CHART

The Nasdaq 100 futures (NQ) are also on the decline, as rising US Treasury rates put downward pressure on growth company values. NQ has reverted to trend after breaching the 14000 level early in the NY session. As we approach a week of Fedspeak and important tech results, the market remains weak. As we prepare for the majority of forthcoming FAANG results, traders will be concentrating on Netflix and Tesla. We may see a retest of the overnight lows around 13729 now that NQ has been firmly rejected above 14000. Current patterns suggest that, like the S&P 500, cheaper prices are on the way. Traders may choose to reload longs around the 13100 level, which served as a launch pad for March's strong rally.

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