Preview of Major Events This Week: Friday's Non-Farm Payrolls take center stage, while the G20 dual-track meeting and Waller's speech sway September rate hike expectations

Following Warsh's debut speech at Jackson Hole,The market enters a period of intensive data verification this week.On the policy front,On September 3, Fed Governor Waller delivered remarks on the inflation outlookandThe August Non-Farm Payrolls report will be released on the 4th, just before the FOMC blackout period begins,The alignment between the two will continue to set the tone for September rate hike expectations; regarding key corporate earnings,Broadcom will again provide reference and guidance for market concerns over AI capital expenditure;during the same period,The G20 dual-track summit may also release phased signals related to macroeconomic coordination and AI.Three main themes heavily overlap in the latter half of this week, with volatility risks significantly concentrated.

Review of Last Week's Broad Market

Taking $SPDR S&P 500 ETF (SPY.US)$ and $Invesco QQQ Trust (QQQ.US)$ For example, SPY is currently maintaining a medium-term uptrend,while experiencing short-term consolidation at elevated levels.

In terms of support levels,The first support level is at $769.22, where the 20-day MA coincides with the middle Bollinger Band; the second support is at the 23.6% Fibonacci retracement level of $764.55; the 38.2% Fibonacci retracement level at $755.38 serves as a strong near-term support zone,which is close to the 50-day MA at $753.96, forming double support. On the resistance side,key resistance lies at the upper Bollinger Band at $778.56 and the previous high of $779.37.

QQQ shows weak short-term momentum amid volatility.Over the past 10 trading sessions, bearish candles have dominated, forming a consolidating downtrend structure characterized by lower highs and repeated tests of lows.

In terms of support levels,The 60-day EMA at $706.90 serves as strong short-term support,acting as the recent pivot point between bulls and bears. On the resistance side,the first resistance level is at $717.94, where the 20-day MA coincides with the middle Bollinger Band;Secondly,the second and third resistance levels are located at the 23.6% Fibonacci retracement level of $725.55 and the recent high of $734.58, respectively.

Overview of Major Events This Week

🗓️ Monday (Aug 31) - Wednesday (Sep 2)

Keywords:G20 Finance and Tech Ministers' Joint Meeting; Broadcom and Zhipu AI earnings

From August 31 to September 2,the United States will simultaneously host two G20 ministerial meetings.The Finance Ministers' meeting focused on global inflation coordination, exchange rate volatility, and financial stability; the Technology Ministers' meeting centered on AI governance and the regulatory framework for the digital economy, with industry leaders such as Musk, Huang Renxun (Jensen Huang), and Altman in attendance.

Meanwhile, $Z.AI (02513.HK)$$Broadcom (AVGO.US)$Earnings reports will be released sequentially. Broadcom is expected to announce its latest results after the U.S. market close on September 2.As a core chip supplier for AI infrastructure, its revenue guidance serves as a key benchmark for valuing the global GPU and computing power supply chain.

🗓️ Thursday (September 3)

Keywords:Waller's Speech

Federal Reserve Governor Waller will deliver a speech on the inflation outlook on September 3.Its significance lies in the timing—it is the last major statement before the quiet period for the September FOMC meeting. If Waller's stance aligns with Walsh's hawkish tone, the probability of a September rate hike will be further priced in; if their tones diverge, it could trigger two-way volatility in short-term interest rates. The consistency between their statements is the key focus for the interest rate market this week.

🗓️ Friday (September 4)

Keywords:Non-farm payrolls data

The U.S. Non-Farm Payrolls report for August will be released on September 4.The market expects 58,000 new jobs, with the unemployment rate holding steady at 4.1%. If the data unexpectedly weakens again, uncertainty surrounding the September interest rate decision will continue to rise.

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