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On Tuesday, January 13, the Hang Seng Index closed up 239.99 points, or 0.9%, at 26,848.47; the Hang Seng Tech Index closed up 6.59 points, or 0.11%, at 5,869.79; the H-share Index closed up 65.33 points, or 0.71%, at 9,285.41; and the Red Chip Index closed up 32.21 points, or 0.78%, at 4,146.17.On January 13th, the Hang Seng Index opened more than 300 points higher and briefly broke through the 27,000 mark, but the upward momentum was unsustainable. The market continued to decline in the afternoon, with the Hang Seng Tech Index rising more than 2% in the morning before fluctuating and turning lower in the afternoon. At the close, the Hang Seng Index rose 0.9% to 26,848.47 points, and the Tech Index rose 0.11% to 5,869.79 points. The total turnover of the Hang Seng Index reached HK$315.192 billion (compared to HK$306.223 billion in the previous trading day). On the sector front, several pharmaceutical sectors, including innovative drugs, performed well, while precious metals and non-ferrous metals sectors led the gains. Automotive and tech stocks rose initially but then retreated, and AI application stocks weakened in the afternoon. Semiconductors and Apple concept stocks were among the biggest losers. In terms of individual stocks, Alibaba (09988.HK) closed up 3.63%; WuXi AppTec (02359.HK) closed up 8.3%, after the company issued a profit warning yesterday, expecting its net profit attributable to shareholders in 2025 to increase by approximately 102.65% year-on-year; Zijin Mining (02899.HK) closed up 2.39%; BYD (01211.HK) closed up 1.62%; Zhipu (02513.HK) closed down 12.76%; and Hua Hong Semiconductor (01347.HK) closed down 2.02%.Hong Kong stocks closed higher, with the Hang Seng Index rising 0.9% and the Tech Index rising 0.11%. The innovative drug sector performed strongly throughout the day, with WuXi AppTec (02359.HK) closing up 8.3%.On January 13th, the Ministry of Industry and Information Technology (MIIT) issued the "Action Plan for Promoting High-Quality Development of Industrial Internet Platforms (2026-2028)," which mentions promoting the construction of an industrial data labeling system centered on business scenarios, developing governance tools such as intelligent labeling, data cleaning, and quality assessment, and improving data governance levels. It encourages platform enterprises to collaborate with industrial enterprises to build specialized datasets for typical industrial scenarios, and encourages qualified enterprises to develop cross-industry and cross-scenario general datasets. It supports platform enterprises in exploring new models and new business forms such as data brokerage and data hosting, deepening the application of industrial internet identifier resolution and blockchain technology, strengthening cross-domain data management, and providing a secure and reliable environment for data circulation. It encourages platforms to open their data resources to SMEs, providing them with inclusive technical tools and data products. It also strengthens intellectual property protection throughout the entire process of industrial data resource development and utilization, safeguarding the rights and interests of all parties.On January 13th, the Ministry of Industry and Information Technology (MIIT) issued the "Action Plan for Promoting High-Quality Development of Industrial Internet Platforms (2026-2028)," which mentions supporting platforms in expanding the use of labor, capital, knowledge, technology, and data to improve the efficiency of networked resource allocation and collaboration. It encourages platforms to deepen the integration and application of digital and intelligent technologies, enrich the supply of high-quality solutions, and promote the digital transformation of the entire manufacturing process. It guides platforms to address the transformation needs of SMEs, cultivate a batch of low-cost, easy-to-deploy, and highly versatile standardized products, and create a resource pool of "small, fast, lightweight, and accurate" digital solutions. It supports platforms in exploring diversified business models, enhancing their sustainable operational capabilities, and achieving value symbiosis between platforms, user enterprises, and partners.

S&P 500 Price Forecast – Stock Market Continues to Rally Toward Jobs Figure

Skylar Shaw

Feb 03, 2023 15:31


Technical Analysis of the S&P 500

The S&P 500 has risen a little during Thursday's trading session as it seems we will aim to reach the 4200 mark. At this point, the market will almost certainly experience some selling pressure, but there is also the upcoming release of the Non-Farm Payroll report, which is something to keep an eye on. At this point, a pullback would probably be caused by high numbers, as people will start to worry once more about the Federal Reserve and whether or not they will be required to continue tightening the monetary policy.


As the round number is definitely going to draw a lot of attention, the 200-Day EMA is sitting just above the 4000 level, and that is certainly an area that a lot of people would pay special attention to.


The market may very easily challenge the 50-Day EMA if we go below the 200-Day EMA. Much of this depends on whether or not people think that the Federal Reserve will keep its monetary policy tight and cause the economy to grow slowly. The market doesn't seem to be particularly interested in what the Federal Reserve has to say right now, at least not after the announcement on Wednesday.


As we are in the middle of earnings season, there is a lot to keep an eye on, so it makes sense in a certain sense that volatility would likely increase rather than decrease. This will move quickly towards the 4300 level if we can remove the 4200 level following the jobs number.

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