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On July 24th, three sources familiar with the matter revealed that the Bank of Japan (BOJ) is likely to maintain its warning about inflation exceeding its 2% target next week, but also hinted that these risks have not increased significantly compared to three months ago. The BOJ is expected to focus on the ongoing inflation risks from the Middle East conflict, strong global demand for artificial intelligence, and rising import costs due to a weaker yen in its quarterly outlook report to be released at its policy meeting next week. Meanwhile, the BOJ believes the likelihood of the worst-case scenario—a severe supply disruption triggering a price surge and forcing the central bank to raise interest rates rapidly—has decreased compared to three months ago. Furthermore, the statement made during its June rate hike that there is a risk of "potential consumer inflation deviating from and exceeding the 2% target" is expected to reappear. Sources said that with the risk of a short-term inflationary shock from oil prices easing, policymakers are now turning their attention to the extent to which businesses continue to pass on rising costs to households. This shift indicates that the BOJ is moving beyond the direct impact of the Middle East conflict and focusing on broader inflationary factors, including AI-related demand and a weaker yen, to assess the timing of the next rate hike.Iranian Foreign Minister: Once the government normalizes asset confiscation, no ones assets will be safe. The resulting chaos will not be peaceful or orderly.July 24th - This morning (July 24th), the State Council Information Office held a press conference on the theme of "Starting the 15th Five-Year Plan." Officials from the Ministry of Public Security introduced the relevant situation regarding strengthening governance, protecting the peoples safety, and promoting development, and fully serving and guaranteeing the start of the 15th Five-Year Plan, and answered reporters questions. Currently, new types of crimes using artificial intelligence mainly include: using AI technology to forge identities, intrude into government and enterprise information systems, and steal others information and property; or impersonating acquaintances or authoritative figures to gain the trust of victims and then commit fraud; and using AI tools to generate online rumors and disrupt public order. Public security organs are making every effort to combat the above-mentioned illegal and criminal activities, while also severely cracking down on criminal gangs providing technical support, striving to eradicate the breeding ground for crime at its root. In the first half of this year, more than 170 cases of using AI tools to generate online rumors were investigated, and more than 190 people were dealt with according to law.Precious metal futures contracts saw further declines, with platinum (2610) falling 5.23% to 390.55 yuan/gram. Palladium (2610) fell 6.10% to 295 yuan/gram. Gold (2608) fell 2.66% to 879.86 yuan/gram. Silver (2610) fell 4.85% to 14,016 yuan/kilogram.The Hang Seng Tech Index fell by more than 2%, with PCB, robotics, and artificial intelligence concepts among the biggest losers.

E-mini S&P 500 Index (ES) Futures Technical Analysis – Reversal Top Will Put 4004.75 on Radar

Florala Chen

Jun 01, 2022 15:21

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The response of traders at 4155.75 will most likely influence the direction of the June E-mini S&P 500 Index into Tuesday's closing.


Soaring oil prices and hawkish remarks from a Federal Reserve official worried investors, and June E-mini S&P 500 Index futures were trading substantially down immediately after the cash market opened on Tuesday.


At 13:49 GMT, the benchmark index was trading at 4109.25, down 46.50 points or 1.12%. The S&P 500 Trust ETF (SPY) is now trading at $410.89, down $4.37 or 1.05 percent from its previous close.


A decline in European equities overnight weighed on the market as Brent crude oil rose beyond $123 a barrel. The European Union's decision to partly ban Russian oil and China's decision to eliminate certain COVID-19 limitations were the drivers for the surge.


Sellers were also responding to a Fed official's hawkish remarks. Governor Christopher Waller of the Federal Reserve said on Monday that the US central bank should be prepared to hike rates by a half percentage point at each meeting from now on until inflation is well controlled.


Investors are now waiting for the result of President Joe Biden's meeting with Federal Reserve Chair Jerome Powell later in the day.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is up. The early price action, on the other hand, shows that momentum is about to move to the negative.


The return of the uptrend will be signaled by a trade through 4202.25. The major trend will shift to the downside if the price breaks through 3807.50.


The midpoint is between 4509.00 and 3807.50. The advance at 4202.25 earlier in the session was halted by its retracement zone around 4158.25 to 4241.00.


3807.50 to 4202.25 is the short-term range. The next negative objective is the retracement zone between 4004.75 to 3958.25.

Technical Forecast for the Daily Swing Chart

The response of traders at 4155.75 will most likely influence the direction of the June E-mini S&P 500 Index into Tuesday's closing.

Scenario that is bearish

The presence of sellers will be shown by a persistent move below 4155.75. Look for selling pressure to continue into 4004.75 to 3958.25 if this move is able to build enough bearish momentum.

Possibilities for Growth

The presence of buyers will be signaled by a prolonged advance over 4155.75. Overtaking 4158.25 will signal that the purchasing is becoming more powerful. This might provide the necessary upward impetus to surpass 4202.25 and challenge the Fibonacci level at 4241.00.

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