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The Hang Seng Tech Index fell by more than 3%, with NIO (09866.HK) falling by more than 6% and XPeng Group (09868.HK) falling by more than 5%.The Hang Seng Index fell by more than 2%, and the Hang Seng Tech Index fell by 2.8%.Most Hong Kong-listed mobile game stocks fell, with Kingsoft (03888.HK) and Bilibili (09626.HK) down more than 4%, Tencent Holdings (00700.HK) down more than 3%, and CMGE (00302.HK) down more than 2%.On March 30, the Kuomintang (KMT) Chairmans Office stated that the Central Committee of the Communist Party of China (CPC) and General Secretary Xi Jinping invited Chairperson Cheng Li-wen to lead a delegation to visit the mainland. Chairperson Cheng expressed her gratitude and gladly accepted the invitation. She expressed hope that both parties would work together to promote the peaceful development of cross-strait relations, enhance cross-strait exchanges and cooperation, seek peace in the Taiwan Strait, and improve the well-being of the people.On March 30, Song Tao, Director of the Taiwan Affairs Office of the Central Committee of the Communist Party of China, stated that since taking office, Kuomintang (KMT) Chairperson Cheng Li-wen has repeatedly expressed her desire to visit the mainland. To promote the peaceful development of relations between the KMT and the Communist Party of China (CPC) and across the Taiwan Strait, Song Tao, authorized by the CPC Central Committee, announced that the CPC Central Committee and General Secretary Xi Jinping welcome and invite Chairperson Cheng Li-wen to lead a KMT delegation to visit Jiangsu, Shanghai, and Beijing from April 7 to 12. Song Tao stated that they will communicate with the KMT regarding Chairperson Cheng Li-wens visit and make appropriate arrangements.

S&P 500 Price Forecast – Stocks Continue to Eye a Major Resistance Barrier

Cory Russell

Aug 16, 2022 15:03

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The S&P 500 E-mini contract dipped somewhat during Monday's trading session, but it is still keeping an eye on the 4300 level.

Technical Analysis of the S&P 500

In the E-mini contract, the S&P 500 has slightly declined throughout the trading session on Monday, indicating some hesitancy. Because traders had previously been able to disregard all of the warning indicators about the global economy, bad economic figures coming out of China early in the day had placed much of the globe on the back foot. However, given that the market is primarily concerned with whether Wall Street will get free or inexpensive financing from the Federal Reserve, it has done rather well in its capacity to ignore a lot of negative news.


It will depend on what the bond market prices. At the moment, a recession is driving down interest rates, so the bond markets are beginning to factor this in. It's possible that even stock traders will buy into their own nonsense about the Federal Reserve easing policy much sooner than they're letting on. The United States' annual rate of inflation is still 8.5% at this moment, thus the Federal Reserve cannot assist Wall Street. (Or at least not yet.)


Having said that, the narrative that Uncle Jerome is coming to save everyone is what the market is concentrating on. He and the rest of the institution have a long history of saving the stock market since they were day traders themselves until they were discovered little over a year ago. The Federal Reserve's reputation will be greatly impacted by whether or not they rescue the market, so this conflict is still quite intriguing.


Simply expressed, I believe this market will rise well over the 4300 level. This is the final significant line of defense I see on the chart, so we need to see a daily close above there. The retreat will occur if we are unable to overcome that barrier.

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