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On November 10th, Goldman Sachs stated that a growing number of US investors are buying Japanese stocks, particularly those focused on technology and artificial intelligence, attracted by their strong returns relative to US stocks. Bruce Kirk, Goldman Sachs chief Japan equity strategist, said, "The pace of US capital inflows has reached its fastest level since Abenomics." He added that active participation by US investors in Japanese equities has reached its highest level since October 2022. This influx of US funds reflects the strong performance of Japanese equities this year, boosted by the appreciation of the yen and optimism surrounding Sanae Takashis stimulus policies. In dollar terms, the Nikkei 225 index has risen approximately 30% this year, far exceeding the S&P 500s 14% gain. Kirk believes there is still room for further foreign capital inflows, as global investors net holdings in Japanese equities remain well below the peak levels seen during "Abenomics," and continued global investors need for asset diversification may also support this trend.On November 10th, the Ukrainian State Electricity Company announced that due to Russias continued attacks on Ukrainian energy facilities, most regions of Ukraine will experience 24-hour power rationing on November 10th. The company stated that the rationing will last from midnight to 11:59 PM, and industrial users power consumption will also be limited during the same period. The Ukrainian government also urged the public to conserve electricity during peak hours.On November 10th, Bezoss space company Blue Origin planned to launch its New Glenn rocket from Cape Canaveral, Florida, on Sunday, a key test in the startups path to challenging SpaceXs dominance. The approximately 97.5-meter-tall rocket will carry two spacecraft built by Rocket Lab to Mars. This mission marks New Glenns first mission for NASA. New Glenn successfully completed its maiden flight in January, reaching orbit, but its boosters failed to land. Similar to SpaceXs Falcon series, New Glenn is designed to be partially reusable, with boosters capable of multiple launches, thus reducing costs.On November 10th, New York Federal Reserve President Williams stated that financial pressures faced by low- and middle-income Americans could threaten the resilience of the U.S. economy, even as wealthier families benefit from the stock market boom. In an interview, Williams said the Feds December interest rate decision "will be a balancing act." He noted, "Inflation remains high and shows no signs of declining," but the U.S. economy "still exhibits a degree of resilience." Nevertheless, many Americans are still struggling with housing and living costs. There are signs that "low- and middle-income families are facing some constraints in terms of affordability," posing a risk to consumer confidence and spending. Williams also rejected calls to modify the Feds benchmark interest rate mechanism, stating that expectations of productivity gains driven by artificial intelligence are supporting the market, but he is concerned about potential over-investment and a stock market bubble.On November 10th, Russian Presidential Press Secretary Dmitry Peskov stated on the 9th that US President Donald Trumps recent announcement of plans to resume nuclear testing gave the impression that the US intended to begin nuclear testing in the near future. Russia needs clarification on this. Peskov said that Russian President Vladimir Putin has not ordered the immediate commencement of preparations for nuclear testing, and if any other country violates the nuclear testing ban, Russia will be forced to take reciprocal measures to maintain strategic balance.

E-mini S&P Could Pick Up Late Session Strength Over 4447.25

Cameron Murphy

Apr 13, 2022 10:37


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At the midpoint of the day, benchmark equities in the United States are trading higher, bolstered by data indicating that core inflation grew somewhat less than predicted in March. Following the news, the 10-year Treasury yield fell from a three-year high, as traders speculated that the core reading might indicate inflation is nearing a peak.


June E-mini S&P 500 Index futures are trading 4439.00 at 15:16 GMT, up 30.00 or +0.68 percent. The S&P 500 Trust ETF (SPY) is now trading at $444.28, up $4.36 or 0.99%.

Core Inflation Falls Short of Estimate

The Labor Department reported on Tuesday that consumer prices grew 1.2 percent month over month and 8.5 percent yearly in March. Traders, on the other hand, were focused on the core reading, which eliminates food and energy costs. Core CPI rose 0.3 percent in March, falling short of Dow Jones' consensus analyst prediction of 0.5 percent. On a yearly basis, core prices increased by 6.5 percent.

Interest-Rate Sensitive Tech Stocks Recover

Microsoft's stock is up 1.6 percent. Nvidia was up 3.7 percent, Qualcomm was up 2.2 percent, Broadcom was up 2.4 percent, and Tesla was up 3.9 percent.

Daily Swing Chart Technical Analysis

According to the daily swing chart, the major trend is down. The intraday price movement, on the other hand, implies that momentum is changing to the upward.


The restart of the uptrend will be signaled by a trade through the intraday low of 4382.25. The major trend will turn to up if the price breaks through 4588.75.


The primary retracement zone between 4447.25 to 4530.50 serves as resistance on the upward. A small pivot at 4506.75 is located inside this zone.


The short-term retracement zone from 4362.50 to 4299.25 provides support on the downside.

Daily Swing Chart Technical Forecast

Trader response to 4409.00 is expected to decide the direction of the June E-mini S&P 500 Index into Tuesday's closing.

Possibilities for Growth

The presence of buyers will be shown by a prolonged advance over 4409.00. Overtaking the primary 50% mark at 4447.25 will signal that the purchasing is becoming more powerful. This might lead to a late-session rally through the 4506.75 to 4530.50 resistance cluster.

Scenario that is bearish

The presence of selling will be signaled by a persistent move below 4409.00. Look for a probable retest of the intraday low at 4382.25, followed by the short-term retracement zone of 4362.50 to 4299.25, if this creates enough negative momentum.


Check out our economic calendar for a complete list of today's economic happenings.