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On September 20th, the Ministry of Culture and Tourism issued the "15th Five-Year Plan for the Construction of the Public Cultural Service System." The plan proposes that by 2030, the level of balanced development of public cultural services will be continuously improved, the integrated construction of urban and rural public cultural service systems will be fully promoted, and the regional collaborative development mechanism will be more sound. The supply mechanism of public cultural services will be further improved, and an open, diversified, and collaborative supply pattern will be basically formed. The digitalization of public culture will reach a new level, and digital resources will be richer. Significant progress will be made in the reform of the public cultural service system and mechanism, and the vitality of innovation and creativity in public culture will be significantly enhanced. The plan comprehensively deploys five key tasks: promoting the quality and efficiency of public cultural services through reform, continuously promoting the construction of modern public libraries, promoting the prosperity and development of mass culture, promoting the balanced development of public cultural services, and improving the digitalization level of public cultural services. At the same time, it lists 18 key projects based on actual conditions to ensure that the direction is clear, the long-term goals are well-defined, and the implementation is grounded in reality.On September 20, two attacks occurred in the West Bank, resulting in the death of one Israeli and one Palestinian by Israeli forces. The Israel Defense Forces (IDF) issued a statement saying that a Palestinian man attempted to ram Israeli soldiers with his car in the Ghanim area near Jenin in the northern West Bank and was shot dead by Israeli forces. Separately, according to the IDF and Israeli emergency services, a shooting occurred near the Nevechuff settlement northwest of Ramallah. A gunman opened fire from a car on Israelis near a spring, seriously injuring one Israeli man before fleeing the scene. Israeli media, citing medical personnel, reported that the seriously injured man had died.On September 20th, the Party Leadership Group of the Ministry of Agriculture and Rural Affairs held a meeting. The meeting emphasized that cultivating and strengthening the agricultural machinery equipment industry is a key support for agricultural modernization. It stressed adhering to the development direction of intelligence, greening, and integration, focusing on addressing prominent shortcomings such as high-end intelligent machinery and machinery suitable for hilly and mountainous areas. The meeting called for concentrating superior resources and efforts to overcome key challenges in a number of landmark complete machines and key common technologies, accelerating pilot-scale testing and mature application, so that more areas of agricultural production can have "organic produce available and good machinery available." The meeting also emphasized vigorously promoting "artificial intelligence + agriculture," expanding application scenarios for drones, the Internet of Things, and other technologies, so that new productive forces can better empower the development of modern agriculture.On September 20th, US President Trump stated on social media: "At the strong request of the US military and for national security purposes, I have agreed to transform the magnificent Arc de Triomphe—planned for many years since the Civil War—located in Reception Plaza next to the Arlington Memorial Bridge, into a top-tier military complex/Arch de Triomphe—capable of housing, storing, and rapidly deploying large numbers of drones, while also deploying snipers on the rooftops and plaza area, and additionally storing and maintaining a large quantity of sniper ammunition. There is no similar facility anywhere else in the world. Of the 59 top cities and capitals in the world, Washington, D.C., is the only city without an Arc de Triomphe, but now it will have one, and it will be the greatest ever!"Market news: Israeli Prime Minister Netanyahu has ordered increased military presence in the West Bank, including a blockade, arrests, and the demolition of the residences of those who carried out the attacks.

S&P500 Update: The Bears Are In Charge, Is 3300 Next?

Florala Chen

Sep 19, 2022 15:21

After three waves up, five waves down

The S&P 500 has completed five Elliott Wave Principle (EWP) waves downward since the mid-August peak. Look at Figure 1 below. This pattern indicates to me that the market's current prevailing route is once again downward. In addition, the rally from June to August was just three waves long—a corrective, counter-trend rally. Therefore, a break below SPX3886—the low from last week and the low from today—tells me an impulsive path is probably emerging, as indicated.

微信截图_20220919151821.png

A Break Below SPX3886 Lets a Waterfall Decline Through

An impulsive pattern with ideal target zones of SPX3515-3400 for (red) W-iii/c, a probable W-iv bounce back to preferably SPX3675-3785, and a last decline to ideally SPX3230-3330 to complete W-v of W-c of W-A is made possible by a break below the early September low of SPX3886.


This overall wider picture W-A has a tiny subtlety, but the expected path and downside goals remain the same. I'll therefore talk about it when we arrive. In contrast, the index has to rise over this week's high of 4119 to signal that a bearish trend is not developing and that 4500 is the next level. But for the time being, I want to gaze downward.

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