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According to Bahrain TV: Bahrains air defense system intercepted the Iranian attack.July 20th, Futures Market News: Zhengzhou rapeseed meal futures opened lower but then fluctuated upwards. Canadian canola futures continued to rise, with the benchmark contract closing 2.2% higher, mainly reflecting the surge in international crude oil futures and significant increases in Chicago soybean oil and European canola futures. Rapeseed meal spot prices rose slightly. Soybean meals strong substitution advantage is squeezing demand for rapeseed meal. Currently, rapeseed meal demand is mainly driven by immediate needs, while supply is increasing, leading to continued market volatility and adjustment.The Kuwaiti military says it is currently intercepting Iranian drones.1. The Peoples Bank of China (PBOC) maintained the one-year and five-year loan prime rates (LPR) unchanged at 3% and 3.5% respectively, marking the 14th consecutive month of no change. 2. Xie Cun, spokesperson for the Ministry of Industry and Information Technology (MIIT) and Director of the Information and Communications Development Department, stated that guidelines for the construction of a computing power standards system will be issued to promote the establishment of standards for computing power service capability assessment and market-based pricing of computing power. 3. Wang Weiming, Chief Engineer of the MIIT, stated that the new round of work plans to stabilize growth in industries such as machinery, automobiles, and power equipment will continue to be implemented, comprehensively expanding high-quality supply and effective demand. 4. The National Grain and Oil Information Center predicts that soybean imports in July will exceed 10 million tons, with crushing volume around 10 million tons, a slight increase month-on-month and a slight decrease year-on-year, representing an increase of approximately 650,000 tons compared to the average of the same period over the past three years. 5. According to Mysteel, global iron ore shipments from July 13th to July 19th, 2026, totaled 33.004 million tons, an increase of 4.103 million tons month-on-month. 6. Total iron ore shipments from Australia and Brazil reached 26.859 million tons, an increase of 4.356 million tons month-on-month. 7. According to data from the General Administration of Customs, Chinas spodumene imports in June 2026 were 768,400 tons, an increase of 12.9% month-on-month. From January to June 2026, Chinas spodumene imports totaled 4.434 million tons, an increase of 26.9% year-on-year. 8. According to Longzhong Information, as of July 20, 2026, the total sample inventory of styrene at Jiangsu ports was 91,800 tons, a decrease of 1,000 tons from the same period last week, a drop of 1.08%. 9. Goldman Sachs: If the conflict in the Middle East escalates further and exacerbates concerns about inflation and interest rate hikes, copper prices face downside risks in the near term. 10. Australian mining giant South32 reported on Monday that its fourth-quarter copper production declined, failing to meet market expectations, due to continued disruptions from adverse weather at its Sierra Gorda project in Chile. 10. According to Mysteel, on July 20th, state-owned coal mines in the Yulin area were in normal production, with some mines suspending production for maintenance. Over the weekend, coal prices in the producing areas mainly rose, by 10-20 yuan/ton, and coal mine inventories remained low. Meanwhile, coal mill sales were good, with inventories at moderate levels. 11. According to customs data, China imported 25,861 tons of lithium carbonate in June, a decrease of 31% month-on-month but an increase of 46% year-on-year. From January to June, Chinas cumulative lithium carbonate imports reached 179,000 tons, a cumulative year-on-year increase of 52%.July 20th, Futures News: Today, international crude oil futures prices rose significantly, and the energy and chemical sector in the domestic futures market collectively surged. 1. Wuchan Zhongda Futures: With the Strait of Hormuz closing again and expectations of disruption to the Red Sea shipping route, crude oil supply may face tightness again. 2. Galaxy Futures: In the short term, there is little hope for a ceasefire in the Middle East conflict. If the US continues to attack Iranian power and other infrastructure, the Houthi rebels may block the Bab el-Mandeb Strait, leading to another significant increase in crude oil prices. The strong crude oil prices provide cost support for related commodities in the energy and chemical sector. The energy and chemical sector is expected to continue its strong oscillating pattern in the short term. However, the risk of a pullback after the geopolitical sentiment subsides should be noted. 3. Baocheng Futures: Iran is an important source of methanol imports for my country. The renewed closure of the Strait of Hormuz tightens expectations for next months arrivals, coupled with low port inventories, boosting market bullish sentiment. It is worth noting that crude oil refinery maintenance has resulted in weak operating rates for downstream MTO units, and end-user demand may not keep pace with the rise in methanol prices.

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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