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On July 20th, the Ministry of Commerce held a national teleconference on July 17th to advance the mid-year work of the consumer goods trade-in program. The meeting summarized the progress and achievements of the policy implementation in the first half of the year and deployed key tasks for the next stage. The meeting emphasized that all regions and relevant departments should further enhance their political awareness, establish and practice a correct view of performance, and implement the consumer goods trade-in policy meticulously and effectively with a persistent and dedicated approach. They should further intensify their efforts, strengthen inter-departmental coordination, widely publicize the policy, and expand its coverage. They should also continuously enrich offline consumption scenarios, optimize the subsidy review and disbursement process, facilitate public participation in and enjoyment of the policy, and enhance the publics sense of gain.Citigroup lowered its price target for IBM (IBM.N) from $375 to $255.Citigroup raised its price target for JPMorgan Chase (JPM.N) from $325 to $360.Preliminary plans indicate that Angola will load 34 tankers of crude oil in September, compared to 35 tankers planned for August.On July 20th, Citigroup strategists stated that the widely discussed "Big Seven" tech concept is "no longer applicable" in assessing investment opportunities in the US AI sector. The strategy team, led by Scott Chronert, suggested that investors should turn their attention to a broader range of stocks that have consistently been major drivers of earnings growth and share price increases for the S&P 500. They recommended focusing on the so-called "growth cluster," a group that includes not only large-cap tech stocks but also most companies benefiting from AI infrastructure development. Chronert stated that this group accounts for more than half of the S&P 500s total market capitalization and contributes nearly 48% of earnings. After driving the S&P 500 to record highs in recent years, the "Big Seven" tech index is projected to underperform the market by 2026 as investors favor sectors expected to benefit from massive AI capital expenditures.

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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