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1. International precious metals futures generally closed higher. COMEX gold futures rose 1.30% to $4135.50 per ounce, and COMEX silver futures rose 1.54% to $61.44 per ounce. Cooling expectations of a Fed rate hike, coupled with weak non-farm payroll data, continued gold purchases by global central banks, and a correction in A-shares boosting safe-haven demand, all contributed to the rise in precious metal prices. 2. The WTI crude oil futures contract closed down 0.17% at $68.46 per barrel; the Brent crude oil futures contract fell 0.01% to $71.56 per barrel. Easing geopolitical tensions in the Middle East led to a significant rebound in oil shipments through the Strait of Hormuz, increasing market supply expectations, and prompting several institutions to lower their oil price forecasts. 3. Most London base metals fell. LME aluminum rose 0.23% to $3083.0/ton, LME lead rose 0.16% to $1868.5/ton, LME copper fell 0.10% to $13285.5/ton, LME nickel fell 0.37% to $16295.0/ton, LME zinc fell 0.76% to $3472.5/ton, and LME tin fell 1.50% to $50855.0/ton. 4. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 1.14% to 52900.07 points, setting a new record high; the S&P 500 was flat at 7483.24 points; and the Nasdaq Composite fell 0.8% to 25832.67 points. Apple rose nearly 5%, and McDonalds rose more than 4%, leading the Dow Jones gains. The Philadelphia Semiconductor Index fell 5.44%, SanDisk dropped over 14%, and Micron Technology fell over 5%. The Wind US Tech Big Seven Index fell 0.11%, Tesla fell over 7%, and Facebook fell nearly 5%. SpaceX rose nearly 3%. The Nasdaq China Golden Dragon Index fell 1.77%, 21Vianet fell over 10%, and BaWangChaJi fell over 8%. European stock markets closed higher across the board: the German DAX rose 2.16% to 25,580.88 points; the French CAC40 rose 1.65% to 8,474.86 points; and the UK FTSE 100 rose 1.67% to 10,652.87 points. Stronger European stocks were driven by significantly weaker-than-expected US June non-farm payroll data, which led to a reduction in market bets on a Fed rate hike. A comprehensive reform package reached by the German ruling coalition boosted confidence.July 3rd - According to CNBC, US President Trump stated on Thursday that AI investment is "larger" than the internet construction of the late 1990s, and total capital expenditure matches this assertion. Goldman Sachs estimated in 2025 that AI capital expenditure would need to reach $700 billion by 2026 to match the peak spending levels of the telecommunications construction boom in the late 1990s. The investment bank predicted in May that AI capital expenditure would reach $765 billion this year and is expected to grow to $1.6 trillion annually by 2031. Regarding chips, Trump stated that he predicts 40% to 60% of chip manufacturing will be located in the United States by the time he leaves office.US President Trump: Micron Technology (MU.O) is a "hot company" run by a "great person".US President Trump: I think Musk will donate SpaceX (SPCX.O) stock to the "Trump account".US President Trump: Venezuela has performed "better than ever" in terms of oil, and my policies have helped restore the countrys energy output.

S&P 500 Price Forecast – Stock Markets Give Up Early Gains

Cory Russell

Dec 29, 2022 14:37


Technical Analysis of the S&P 500

Initially attempting to rise during Wednesday's trading session, the S&P 500 eventually gave up gains and lost momentum due to the thin markets' lack of current interest. The 3800 level underneath should be sustained, but if we decline below that, it would be possible to slide considerably lower, maybe as low as the 3700 level.


At this point, rallies ought to be fading, therefore the 3900 level and the 50-Day EMA can serve as a ceiling from which to resume shorting. When signs of fatigue start to surface, they will be pounced on, and I won't think twice about shorting them. Because of this, I believe that the market will continue to be negative, although it's possible that unreliable money managers may attempt to pad their books towards the end of the year. This is a frequent occurrence since they must at least demonstrate to their customers that they possess the "proper stocks."


It appears like Wall Street will sometimes need a reminder that the Federal Reserve is dead serious, which is an issue that the Federal Reserve itself caused by coddling traders for 14 years, so I believe it's just a matter of time until we continue to go lower. In light of this, I am prepared to short this market gradually during rallies and when it begins to show symptoms of tiredness. However, at this time of year, I am not expecting for large swings, so you must see this through the lens of short-term trading.

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