U.S. Stocks 

Fundamental Analysis: 

U.S. stocks closed higher on Wednesday, 24th August 2022, boosted by higher energy stocks and Intuit shares, as investors await the Federal Reserve’s Jackson Hole meeting this week.

Shares of accounting software maker Intuit closed nearly 4% higher after it forecast upbeat revenue for fiscal 2023 and boosted the tech-heavy Nasdaq index.

After the close, enterprise management software seller Salesforce Inc fell sharply by 5.5% after releasing its quarterly report.

The stock closed 2.3% higher in the regular trading session. All 11 sector indices in the S&P 500 rose, with energy stocks up 1.2%, followed by real estate stocks up 0.71%.

The S&P 500 had fallen in the previous three sessions, after a summer rally halted by growing concerns about the Fed’s aggressive stance, and the energy crisis in Europe.

Investors are now focused on the Jackson Hole symposium, which begins Thursday, where Fed Chairman Jerome Powell’s speech Friday could provide clues about the pace of future rate hikes and whether the Fed can achieve a “soft landing” for the economy.

President Joe Biden said the U.S. government will forgive $10,000 in student loans for many debt-ridden college students, a move that could boost support for his fellow Democrats in November’s congressional elections, but could also fuel inflation.

The S&P 500 has rebounded 13% from its mid-June low, helped by corporate quarterly results that were not as bad as feared.

The index is expected to end the year slightly above its current level, according to strategists recently interviewed by Reuters.

Retailer Nordstrom plunged nearly 20% after the company cut its annual revenue and profit estimates, suggesting inflation is squeezing consumer spending on its high-end apparel and footwear. 

Among the S&P 500 components, the ratio of up and down stocks was 2.5:1. Two S&P 500 components hit new 52-week highs and 30 new lows while 42 Nasdaq components hit new highs and 104 new lows.

Technical Analysis:

(Dow 30, 1-hour chart) 

Execution Insight: 

The Dow is focused on the 32975-line today. If the Dow runs steadily above the 32975-line, it will pay attention to the suppression strength of the 33233 and 33390 positions. If the Dow runs steadily below the 32975-line, it will pay attention to the support strength of the 32781 and 32455 positions.

Hong Kong Stocks 

Fundamental Analysis: 

Yesterday, the general market moved down significantly, with the Hang Seng Index (HSI) closing at the second lowest price of the year.

In the morning session, the stock index opened slightly higher and retreated quickly, staging a one-sided downward market.

In the afternoon session, the index maintained its downward trend with limited fluctuations.

During the session, the HSI touched a low of 19,189 points down 1.6%, hitting a new low since 11th May, and the Hang Seng China Enterprises Index (HSCEI) fell a maximum of 3.1%.

By the close of trading, the Hang Seng Index fell 1.20% or 234.51 points to 19268.74 points, with a turnover of HK$99.128 billion for the day, the Hang Seng China Enterprises Index (HSCEI) fell 1.25% to 6565.69 points and the Hang Seng TECH Index (HSTECH) fell 2.77% to 4026.45 points.

Today, HKEx cancelled early trading as the No. 8 typhoon signal is still in effect. This includes Hong Kong’s linked stock market transactions with the mainland and the derivatives market.

If the No. 8 signal is still in effect by 9 a.m., HKEx will cancel morning trading in all markets.

Technical Analysis: 

(HK50, 1-hour chart) 

Execution Insight: 

HK50 focuses on the 19517-line today. If HK50 can run stably above the 19517-line, then focus on the suppression strength of the 20467 and 21450 positions. If the HK50 runs below the 19517-line, then pay attention to the support strength of the 18606 and 17535 positions.

FTSE China A50 Index 

Technical Analysis: 

(FTSE China A50, 1-hour chart) 

Execution Insight: 

FTSE China A50 focuses on the 13887-line today. If the A50 runs stably below the 13887-line, pay attention to the support strength of the two positions of 13544 and 13157. If the A50 runs above the 13887-line, it will open up further upward space. At that time, focus on the two positions of 14371 and 14695.

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