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According to foreign media reports on April 16th, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Thursday morning, following gains in external markets. International crude oil futures rose firmly on Wednesday as shipping in the Strait of Hormuz remained disrupted and hopes for a US-Iran peace deal were dashed. Lower-than-expected US soybean oil inventories boosted Chicago soybean oil prices, which will also help Malaysian crude palm oil futures in early trading. A weaker ringgit also contributed to the rebound in palm oil futures, as it made palm oil priced in the ringgit more affordable for buyers holding foreign currency. However, Malaysias increase in palm oil export tariffs for May, coupled with slowing export growth and increased palm oil production, will limit the markets rebound momentum.According to NewsNation: The Pentagon press briefing will be held at 8 p.m. Beijing time tonight.Market news: An explosion occurred in Kyiv, the capital of Ukraine. The mayor stated that air defense forces are on the scene.On April 16, White House documents revealed that US President Trump issued several pipeline permits on Wednesday, including one for a new pipeline aimed at facilitating the transport of crude oil and petroleum products between the United States and Canada. The permit was awarded to Bakken Pipeline for the construction of pipeline facilities in Burke County, North Dakota. He also issued other permits for the maintenance and operation of existing pipelines in North Dakota and Michigan, near the border.Explosions were heard in Kyiv, the capital of Ukraine, on the 16th local time. Air raid sirens had been sounded earlier in the city.

E-mini S&P: Plenty of Room to Downside with 4129.50 Target

Cory Russell

Apr 26, 2022 11:00

Early Monday, June E-mini S&P 500 Index futures were substantially down as investors responded to a dramatic drop in Asian equities markets. Investors are also anticipating higher interest rates and a flood of earnings reports from key technology firms like Amazon and Apple this week.


June E-mini S&P 500 Index futures are trading at 4233.50, down 33.75 points, or -0.79%, at 08:15 GMT. The S&P 500 Trust ETF (SPY) closed at $426.09 on Friday, down $11.97 or -2.73 percent.

Stocks in Shenzhen, China, are down 6%.

Investors in the United States are keeping an eye on mainland Chinese indices, which are leading the Asia-Pacific region's losses.


The Shanghai composite fell 5.13 percent to 2,928.51, while the Shenzhen component fell 6.08 percent to 10,379.28.


Despite strict lockdowns in Shanghai, China has been trying to manage its deadliest outbreak of COVID-19.


Chinese authorities in Beijing, China's capital, are warning that the virus has been spreading unnoticed for almost a week, adding to the quickly growing sickness.

Looking Forward...

Investors in the S&P 500 are preparing for the busiest week of corporate earnings season yet. This week, over 160 S&P 500 firms are set to report profits, with all attention on reports from large tech giants including Amazon, Apple, Google parent Alphabet, Meta Platforms, and Microsoft.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The resumption of the decline will be signaled by a trade through the intraday low of 4218.50. The major trend will turn to up if the price breaks through 4509.00.


4094.25 to 4631.00 is the short-term range. The market is now trading on the weak side of its retracement zone, which is resistance around 4299.25 to 4362.75.

Technical Forecast for the Daily Swing Chart

Trader response to 4267.25 is expected to impact the direction of the June E-mini S&P 500 Index into Monday's closing.

Bearish Scenario

The presence of selling will be shown by a persistent move below 4267.25. Taking out 4218.50 indicates that the selling pressure is increasing. This might set the stage for a run to the major bottom at 4129.50, followed by a drop to the 2022 low at 4094.25.

Possibilities for Growth

The presence of buyers will be signaled by a prolonged advance over 4267.25. Look for a push into 4299.25 if this develops enough upward momentum. Overtaking this level would indicate that purchasing is becoming more active, with a 50% level at 4262.75 being a possible objective.

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