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1. US Treasury yields fell across the board. The 2-year Treasury yield fell 2.45 basis points to 3.506%, the 3-year Treasury yield fell 2.23 basis points to 3.558%, the 5-year Treasury yield fell 1.92 basis points to 3.718%, the 10-year Treasury yield fell 2.73 basis points to 4.136%, and the 30-year Treasury yield fell 2.94 basis points to 4.795%. 2. International precious metals futures were mixed. COMEX gold futures closed down 0.01% at $4,505.4 per ounce; COMEX silver futures closed up 1.04% at $71.875 per ounce, continuing to set new historical highs. 3. The WTI crude oil futures contract closed up 0.03% at $58.4 per barrel, while the Brent crude oil futures contract closed down 0.05% at $61.84 per barrel. 4. London base metals traded mixed. LME copper rose 0.6% to $12,133/ton, LME zinc fell 0.23% to $3,086.5/ton, LME nickel fell 0.5% to $15,660/ton, LME aluminum rose 0.6% to $2,956.5/ton, LME tin fell 0.71% to $42,490/ton, and LME lead rose 0.86% to $1,999.5/ton.On December 25th, former Bank of Japan policy board member Yasushi Harada stated that the central bank should adopt a cautious approach to raising interest rates, given the governments all-out efforts to boost the economy. In an interview, Harada pointed out that the cabinet led by Prime Minister Sanae Takaichi should fully utilize fiscal, monetary, and tax policies to stimulate demand and achieve the goal of a "high-pressure economy." Regarding the impact of central bank interest rate hikes on the economy, he stated, "Hasty action could lead to excessive tightening." He believes that the current persistent inflation is partly due to supply-side factors such as rising rice prices, and added that further interest rate hikes may have limited effect in curbing such cost-driven price increases.Nvidia (NVDA.O): Groq will continue to exist as an independent company.NVIDIA (NVDA.O): We are not acquiring Groq, we are only licensing its technology. We will integrate Groq products into future products.GROQ: GROQ will continue to operate as an independent company, with Simon Edwards serving as CEO.

E-mini S&P 500 Index (ES) Futures Technical Analysis

Jimmy Khan

May 16, 2022 10:35

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Following a solid cash market finish, June E-mini S&P 500 Index futures are trading higher late in the session on Friday. Following up on Thursday's comeback bounce, the move shows follow-through purchasing. The recent price action is symptomatic of short-covering as buyers attempt to prevent the benchmark index from plunging into bear market territory, with the fundamentals remaining negative and the daily chart pattern looking awful.


In the cash market, the S&P 500 had its best day since May 4 on Friday. Despite these advances, the index dropped 2.4 percent, marking the longest weekly loss streak since 2011.


Consumer discretionary and information technology gained 4.1 percent and 3.4 percent, respectively, to lead the S&P 500 sectors higher. With over 95% of the S&P 500 closing the day in the green, it was a broad-based rally.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through 3855.00. The major trend will turn to up if 4303.00 is broken.


4303.00 to 3855.00 is the minor range. The first probable upward target range is the retracement zone between 4079.00 and 4132.00.


3855.00 to 4036.00 is a second minor range. The closest intraday support is at 3945.50, which is the pivot's pivot.

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