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U.S. Energy Information Administration (EIA): Crude oil inventories in the U.S. Midwest fell to their lowest level since December 2014 last week.Market news: Senegals Sangomar crude oil export target for September is 95,000 barrels per day.On July 22, Wang Yi, member of the Political Bureau of the CPC Central Committee and Foreign Minister, met with Philippine Foreign Minister Lazaro in Manila on the sidelines of the East Asia Cooperation Foreign Ministers Meeting. Wang Yi conveyed Chinas solemn position and strongly protested the Philippine personnels violent actions in ramming Chinese law enforcement vessels at Renai Reef. Wang Yi emphasized that the key to developing China-Philippines relations is to grasp the correct direction. China has never been a security threat to the Philippines and has never historically invaded or colonized the Philippines. The existence of territorial and maritime boundary disputes between China and the Philippines is an objective fact. China has always been committed to managing differences and stabilizing the situation through bilateral dialogue and consultation. However, the Philippines has deviated from bilateral negotiation channels and, under the instigation of external forces, erected a makeshift "arbitration tribunal" to fabricate and hype up an illegal and invalid so-called "ruling," which China has never accepted, participated in, or recognized from the outset. The Philippines should immediately cease its provocative actions on maritime issues, abide by its commitments to China to date, and make concrete efforts to stabilize bilateral relations.U.S. Trade Representative Greer: Mexico was quite pragmatic in the negotiations; their growth depends on the U.S. market.The EIA report for U.S. distillate fuel oil production implied demand for the week ending July 17 was 5.3227 million barrels per day, compared to 4.7011 million barrels per day in the previous week.

E-mini S&P 500 Index (ES) Futures Technical Analysis – Testing Key Retracement Zone at 4079.00 – 4132.00

Cory Russell

May 18, 2022 10:50


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Citigroup led a rally in bank shares after Berkshire Hathaway disclosed a large holding, and robust retail sales in April relieved some fears about slowing economic growth, as June E-mini S&P 500 Index futures traded higher at mid-session on Tuesday.


June E-mini S&P 500 Index futures are trading at 4065.25, up 60.50 or 1.51 percent, at 16:57 GMT. The S&P 500 Trust ETF (SPY) is up $6.08, or 1.52 percent, to $406.18.

Stocks and Sectors

Ten of the 11 main S&P sectors gained ground, with financials and technology both up 2%.


Microsoft Corp, Apple Inc, Tesla Inc, and Nvidia Corp all surged between 1.5 and 4.8 percent, boosting the S&P 500 and NASDAQ Composite the most.


After Warren Buffet's Berkshire Hathaway reported a roughly $3 billion investment in Citigroup, banks rose 3.1 percent, with Citigroup rising 7.9 percent.

Economic Reports from the United States

Consumers purchased cars and attended restaurants as retail sales in the United States grew 0.9 percent in April as supply improved.


Another set of statistics revealed that industrial output increased by 1.1 percent in February, above expectations of 0.5 percent, and then increased by 0.9 percent in March.

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 initial upward goal is the retracement zone from 4079.00 to 4132.00.


4509.00 to 3855.00 is the short-term range. The next resistance level is at 4182.00, which is the 50% level.

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