EUR/USD 1.17406
0.208%
Gold 3885.61
0.761%
Oil 60.525
0.064%
USD/JPY 147.454
0.139%
GBP/USD 1.34825
0.330%
GBP/JPY 198.809
0.471%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On October 5th, Poland officially extended temporary border controls with Germany and Lithuania for six months, with the measures set to last until April 4, 2026. According to Polish media reports, Polish Interior Minister Marcin Kelwinski signed the decree on the 1st. At a press conference following the Munich Migration Conference in Germany on the 4th, he stated that Poland was unwilling to agree to any regulations regarding the resettlement of migrants within the EU. Poland has paid a high price for guarding the EUs external borders, with nearly 25,000 illegal crossings occurring on the Polish-Belarusian border this year. To curb illegal immigration, the Polish government implemented temporary controls on its western borders with Germany and northeastern borders with Lithuania for 30 days starting on July 7th, and later extended them until October 4th. Currently, Poland has 50 checkpoints on the Polish-German border and 13 on the Polish-Lithuanian border.On October 5th, local time, Russian President Vladimir Putin stated on a Russian media program that if the United States provides Ukraine with long-range and precision strike weapons and equipment, including Tomahawk missiles, it will destroy the positive momentum that has emerged in Russian-US relations. When asked whether he expects European leaders to pay attention to the signals he recently sent at the annual meeting of the Valdai International Discussion Club, Putin also stated that he never aims to please others, but only states the facts truthfully, and that subsequent developments depend on the positions of those he addresses.On October 5th, local time, Iranian Foreign Minister Araghchi announced that the Cairo Agreement can no longer serve as the basis for Irans cooperation with the International Atomic Energy Agency (IAEA), and that Iran will announce new cooperation arrangements with the agency. Araghchi said, "New decisions must be made under the current circumstances. In my opinion, the Cairo Agreement is no longer applicable to the status quo." Araghchi emphasized that practice has proven that there is no alternative to diplomacy and negotiation in addressing Irans nuclear program.On October 5th, OPEC+ representatives stated that the group was close to reaching a principle agreement on another small production increase in November, continuing its efforts to regain market share in the global oil market. Delegates revealed ahead of a Sunday video conference that major member countries were expected to approve a production increase of 137,000 barrels per day, the same as the planned increase this month. Oil prices traded near a four-year low on Friday, a reminder that OPEC and its allies must strike a careful balance when restoring previously suspended production to an oversupplied market.Sources said that before the meeting, OPEC+ countries had reached an agreement in principle to increase oil production by 137,000 barrels per day in November.

Bulls in the E-mini S&P 500 Face a New Obstacle at 4447.25

Larissa Barlow

Apr 14, 2022 10:08

June E-mini S&P 500 Index futures are trading higher late Wednesday, boosted by a comeback in market-leading growth firms after investors absorbed strong inflation data and mixed quarterly profits.

Earnings Results Are Contradictory 

JPMorgan Chase & Co. kicked off the first-quarter earnings season with a 42 percent decline in quarterly profit. The largest US lender's disappointing results pushed its shares down 3.2 percent.

 

On the plus side, Delta Air Lines' profits exceeded forecasts, and the airline anticipated a current-quarter profit return due to "historically high" demand. According to Reuters, the 5.9 percent share increase was contagious; the larger S&P 1500 airline index increased 6.5 percent.

 

image.png 

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is downward. A break of 4382.25 will indicate the resumption of the decline. A break of 4588.75 will reverse the overall trend to the upside.

 

4800.00 to 4094.25 is the primary range. The next target range on the upside is its retracement zone between 4447.25 and 4530.50. A minor pivot point is located inside this zone at 4506.75. This is also a possible source of resistance.

 

4094.25 to 4631.00 is the short-term range. Support is located in the retracement zone between 4362.50 and 4299.25. This zone is dictating the index's near-term direction.

Technical Forecast for the Daily Swing Chart

Early Thursday, the direction of the June E-mini S&P 500 Index is likely to be dictated by market reaction to the primary 50% level at 4447.25.

Scenario of Bullishness

A prolonged move over 4447.25 will signal that buyers are present. If this move gains sufficient near-term momentum, expect for buying to extend into 4506.75 to 4530.50.

 

Due to the fact that the primary trend is downward, traders must keep an eye out for sellers. They may attempt to produce a secondary lower top that is potentially bearish.

Scenario of the Bear

A continuous decline below 4447.25 indicates the existence of sellers. If this generates sufficient downside momentum, expect selling to extend towards yesterday's low at 4382.25, followed by the short-term retracement zone between 4362.50 and 4299.25.

Suggestion