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On August 17th, Faraday Future officially announced and launched its "EAI + Crypto" dual flywheel and dual bridge ecosystem strategy. The company plans to launch EAI EV asset blockchains, creating an EAI travel + Web3 + blockchain technology + crypto asset application ecosystem. Additionally, Faraday Future officially launched the C10 Index, the first crypto asset basket index (excluding stablecoins) launched by a US-listed company. Faraday Future also released C10 Treasury, a treasury product based on the C10 Index. The first phase aims to purchase crypto assets totaling $500 million to $1 billion after securing the necessary funding. The initial allocation will be $30 million.On August 17, the European Union (EU) is attempting to prevent the US from targeting its landmark digital regulations. Negotiations are still underway on the final details of a delayed joint statement that would formally confirm the trade agreement reached last month. EU officials cited disagreements over the wording of "non-tariff barriers" as one of the factors delaying the joint statement. The US has previously stated that the EUs digital rules fall under the category of non-tariff barriers. The US wants to leave room for future concessions from the EU on the Digital Services Act. However, the EU has made it clear that relaxing these rules is a "red line" it cannot cross. Another obstacle to signing the EU-EU joint statement is reportedly brinkmanship over a timeline. The Trump administration is demanding clarity on when US fish and foods such as tomato sauce, biscuits, cocoa, and soybean oil will receive better market access, as well as when the EU will reduce tariffs on US industrial goods. However, the EU stated that its internal approval procedures make it difficult to set precise timelines, particularly as it has yet to decide how to streamline administrative procedures for US importers through legal reforms.According to RIA Novosti: Russian air defense forces shot down 46 Ukrainian drones at night.On August 17, German Chancellor Angela Merz, French President Emmanuel Macron, and British Prime Minister Jay Starmer will hold consultations on the 17th to decide whether to travel to the United States for the upcoming meeting between Trump and Volodymyr Zelensky on the 18th. Tass, citing German media, reported that a final decision on the trip is contingent on receiving a formal invitation from the US. Although Trump has suggested that Zelensky invite European leaders to the US, no formal invitation has yet been issued.The Governor of Voronezh, Russia: A Ukrainian drone attack damaged power lines at a Voronezh railway station and injured one employee.

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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