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On October 19th, QCraft and HERE Technologies, a provider of location platforms and mapping technologies, signed a Memorandum of Understanding (MOU). The two companies will jointly explore the integration of location intelligence and navigation-assisted driving technologies, accelerating the localization and application of intelligent driving solutions in international markets such as Europe.On October 19th, according to South Korean financial media ChosunBiz, Cathy Wood, known as "Sister Wood," commented on the recent volatility in the South Korean stock market due to foreign capital outflows on the 16th: "Foreign capital is not withdrawing because of deteriorating fundamentals. I think algorithmic trading has a greater impact." Regarding the sharp drop in South Korean semiconductor stocks, she stated, "Now is indeed a suitable time to enter a buying range." When asked about the decisive reason for the outflow of foreign capital, Wood said, "When memory chip stocks peaked and fell in June this year, the Korean won also reached a record high against the US dollar. This is not because there are any fundamental flaws in the market itself, but because the combination of falling stock prices and exchange rate factors led to a surge in mechanical algorithmic trading." Regarding the recent correction in memory chip stocks, Wood believes it is a reaction to the previous rapid price surge, "Because the unit price of memory chips rose too quickly, the retail sales of electronic devices dropped sharply. This factor has already been reflected in the stock prices." The South Korean Kospi index opened down more than 3% today, then rebounded, and is currently slightly down as of press time.Mitsubishi Electric Corporation: Formed a strategic alliance with Foxconn Precision Industry Co., Ltd. to jointly operate automotive equipment business.October 19th - Public opinion polls show that Japanese Prime Minister Sanae Takaichis approval rating has declined following the resignations of cabinet members due to scandals. A poll conducted by All Nippon News Network (ANN) from October 17th to 18th showed that the Takaichi cabinets approval rating dropped 11.2 percentage points to 47.1%, the most significant drop among similar polls conducted by multiple media organizations. A poll by the Yomiuri Shimbun showed her approval rating dropped 2 percentage points to 57%. Last week, Agriculture, Forestry and Fisheries Minister Kazuo Ryō announced his resignation, with media reports alleging he violated election funding regulations; furthermore, he had boasted that he had reduced funding to local governments that did not support his campaign in the February election.Note: October 19th is the Chung Yeung Festival holiday in Hong Kong, and the Hong Kong stock market will be closed today.

S&P 500 Price Forecast – Stock Markets Drift Lower Again

Cory Russell

Sep 21, 2022 15:16

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As we continue to see a lot of erratic activity, the S&P 500 E-mini contract has plummeted once again during Tuesday's session.

Technical Analysis of the S&P 500

On Tuesday, the S&P 500 E-mini contract fell for the most of the day as we kept applying downward pressure. The Federal Reserve and any possible setup they may have in terms of monetary policy are causing traders to get more and more apprehensive. Since the Federal Reserve is still favoring battling inflation in this climate, it is not helpful for growth.


It's important to remember that the previous two candlesticks were hammers, so it is obvious that someone is below and ready to purchase. It would be a major turn of events and possibly drive this market substantially lower if we broke down below those hammers. In that case, I wouldn't be at all shocked to see the S&P 500 fall below the 3800 level, where I also anticipate a fierce battle. The chance of a decline to the 3600 level, where we previously bounced, increases if the 3800 level is broken.


This market need the Federal Reserve's intervention to save it, which is not likely to occur anytime soon. Because of this, I believe you should see it through the lens of waning rallies, particularly if they misinterpret Jerome Powell's remarks once again. In order for Wall Street to pay attention to his final speech at Jackson Hole, he had to openly admit that there would be suffering. He might be just as blunt this time, and I expect him to be, so things could rapidly spiral out of control.

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