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On January 12th, Goldman Sachs Chief Economist Jan Hatzius stated that the threat of criminal prosecution against the Federal Reserve Chairman will exacerbate market concerns about the central banks independence, but he expects the Fed to continue making policy decisions based on economic data. Speaking at the Goldman Sachs Global Strategy Conference in 2026, Hatzius said, "Clearly, concerns about a potential blow to the Feds independence are increasing, and the latest news regarding the criminal investigation of Chairman Powell has further reinforced these concerns." He added, "I have no doubt that Powell will continue to make decisions based on economic data for the remainder of his term, and will not be swayed in any direction by pressure—whether its raising or lowering interest rates, it will follow data guidance."On January 12th, ABN Amro economist Roger Quedflich stated in a report that the investigation into Federal Reserve Chairman Jerome Powell could jeopardize the Feds prospects for interest rate cuts in the near term. He pointed out that the challenge to the Feds independence could prompt Fed governors to take a hardline stance, delaying rate cut decisions to "defend the Fed." The investigation concerns cost overruns in a Fed headquarters renovation project, which Quedflich believes is seen as a means to pressure the Fed chairman and force his resignation, thereby expanding government influence. He stated, "If the situation continues to escalate, rate cuts may be postponed."On January 12th, ING FX strategist Francesco Pesole stated in a report that the dollar faces a significant risk of decline after Federal Reserve Chairman Jerome Powell announced that the Fed had received a subpoena from the U.S. Department of Justice for overspending on its headquarters renovations. He pointed out that this move has reignited market concerns about the Feds independence and could trigger another "sell-America" trade. Pesole stated, "Any further signs of interference in the Feds independence will pose a considerable downside risk to the dollar."ECB Governing Council member Mueller: There is no reason for further interest rate cuts in the short term.January 12th - According to the "Beijing Cyberspace Administration," as of January 12, 2026, Beijing has added 3 new generative artificial intelligence services that have completed registration, bringing the total number of registered generative artificial intelligence services to 212.

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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