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August 18th - A Reuters/Ipsos poll released on August 17th showed that US President Trumps approval rating has dropped to 33%, a new low during his second term. The poll indicated that 64% of Americans disapprove of Trumps performance in the White House, and approximately 80% expect the conflict between the US and Iran to "last a long time." The survey was conducted online nationwide, collecting feedback from 1,166 American adults.On August 18th, international oil prices rose by about 3% on Monday due to the bleak prospects for US-Iran peace talks. Trump stated that he had no intention of extending the expiring agreement with Iran. The US-Iran memorandum of understanding, signed in June, technically expired on Monday. The two sides still have disagreements on many issues, including the Strait of Hormuz. Other officials suggested that the US is not in a hurry to end the conflict, which has lasted for nearly six months. The US Energy Secretary stated that the US is engaged in a long-term game with the Islamic Republic of Iran; while Trumps senior advisor, Kushner, said that Trump would remain patient in reaching an agreement.According to Iranian media Fars News, a fuel tank fire and explosion occurred in Sulaymaniyah, the Kurdistan Region of Iraq.August 18th - According to three sources on Monday, the United States and Canada are in talks to potentially reduce U.S. auto tariffs from the current 25% to 15% (after deducting certain value components). The U.S. will impose high new tariffs on $20 billion worth of other Canadian goods after Wednesdays deadline. If an agreement is reached, the tariff level will be significantly lower than the 25% tariff currently imposed by Trump on auto imports. Sources indicated that U.S. officials have proposed deducting only U.S. value components from the current 15% tariff on Canadian autos, but Canadian officials want to deduct all North American components, including parts from Canada and Mexico. Automotive industry officials say that if a broader deduction of regional value components is implemented, the effective U.S. tariff rate on North American-made cars could fall to single digits. This rate is far lower than the current 15% tariff on North American cars imported from Japan, South Korea, and the European Union, and the 10% tariff on most British cars.Turkish President Recep Tayyip Erdoğan told US President Donald Trump that Israel is attacking Palestinians in Gaza, when the second phase of the peace plan was supposed to take effect.

S&P 500 Price Forecast – Stock Markets Continue to Struggle

Alice Wang

Jul 15, 2022 15:54

Technical Analysis of the S&P 500

Due to the ongoing pessimism, the S&P 500 has decreased somewhat during Thursday's trading session. At this time, it seems as if the market is prepared to go further, maybe attempting to approach the most recent lows at the 3637 level. In the end, this market should continue to see a lot of agitated behavior. I believe that fading rallies will remain a significant problem. The 50 Day EMA is now hanging in the general vicinity of the 3950 level, which serves as the ceiling at this time.


Ultimately, your indication to become engaged will be when you start to feel exhausted after brief rallies. Given the lack of global growth and the fact that inflation is still a problem, I do believe the downward trend will continue. Additionally, the Federal Reserve is rapidly tightening monetary policy, and as a result, a 100 basis point interest rate rise is being predicted. Due to the fact that the S&P 500 contains so many significant exporters, it is extremely probable that we will continue to see significant problems with the global economy.


In the end, a running season is approaching, so there could be some "hopium" waiting to happen, but after hearing J.P. Morgan declare, "We have never seen an economic scenario like this," during its results presentation, I don't think this earnings season will be cause for celebration. After a rally, I will suppress any indications of tiredness.

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