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WHO representative in Congo: Six tons of supplies will arrive today to help combat the Ebola outbreak, including personal protective equipment and medicines.Futures Market News, May 19th: I. Raw Material Market Updates: 1. On May 18th, NYMEX crude oil futures for June delivery rose $3.24 to settle at $108.66/barrel, while Brent crude oil futures for July delivery rose $2.84 to settle at $112.1/barrel. Naphtha fell $29 to $993/ton CFR Japan. 2. On May 18th, Asian isomeric MX rose $7 to $1092/ton FOB Korea. Asian PX rose $12 to $1200/ton FOB Korea and $1221/ton CFR China. 3. On May 18th, ethylene prices in Northeast Asia fell $40 to $1140/ton; prices in Southeast Asia fell $40 to $1190/ton CFR. 4. In the morning, PTA futures fluctuated weakly, and the spot market trading atmosphere was generally subdued, with the spot basis weakening. In May, offers at major ports were around 09+145~150, bids were around 09+140, and the price negotiation range was 6500~6580. Warehouse receipt offers this week were on 06-17 or 07-10, and bids were on 06-19. No transactions were reported in the morning session. In the afternoon, PTA futures fluctuated within a range, and the spot market negotiation atmosphere was generally weak, with the spot basis weak. May contracts at major ports were negotiated around 09+140~145. 5. In the morning, the domestic MEG market fluctuated narrowly, with generally weak market negotiations. Currently, the spot basis is around a premium of 105-109 to the 09 contract, with negotiations at 4844-4848. Several transactions were completed in the morning around a premium of 107-108 to the 09 contract. II. Downstream Dynamics 1. The overall production and sales of polyester filament in Jiangsu and Zhejiang were weak today, with the average production and sales estimated at around 40% by 3:30 pm. 1. Production and sales of several factories in Jiangsu and Zhejiang were as follows: 110%, 75%, 0%, 30%, 85%, 20%, 50%, 45%, 20%, 60%, 50%, 5%, 0%, 25%, 50%, 30%, 30%, 30%. 2. Sales of polyester staple fiber at factories were average today. As of around 3:00 PM, the average production-to-sales ratio was 56%, with some factories showing production-to-sales ratios of 80%, 30%, 50%, 60%, 50%, 70%, 60%, 100%, 30%, and 58%. 3. Semi-dull 1.4D direct-spun polyester staple fiber was priced at 8050-8300 RMB/ton ex-factory or short-distance delivery in Jiangsu and Zhejiang. In Fujian, the mainstream price was 8050-8300 RMB/ton cash on delivery. In Shandong and Hebei, the mainstream price was 8150-8400 RMB/ton delivered. 4. Today, the overall trading atmosphere in the polyester chip market was moderate, with some areas showing improvement. Semi-dull and bright polyester chips were mainly traded around 7400-7530 and 7540-7700 yuan/ton respectively. In the Jiangsu and Zhejiang markets, several semi-dull or bright polyester chips were traded at 7400, 7410, 7430, 7440, 7450, 7480, 7500, 7530, 7540, 7600, 7650, 7670, and 7700 yuan/ton for cash on delivery. 5. The trading atmosphere in the polyester bottle chip market was moderate today, with significant price differences between high and low prices. Orders for May and June were mostly traded at 8800-8900 yuan/ton ex-factory, with some areas slightly lower at 8640-8780 yuan/ton ex-factory and slightly higher at 8950-9250 yuan/ton ex-factory. Prices varied slightly depending on the brand. 6. Polyester bottle chip factories slightly lowered their export prices, with overall transactions mainly based on actual negotiations. In East China, mainstream bottle-grade PET chip manufacturers are negotiating prices ranging from $1175 to $1215 per ton FOB Shanghai port, with slight variations in some areas and differences depending on the brand. In South China, mainstream prices are negotiating prices ranging from $1170 to $1205 per ton FOB main port, with slight variations in some areas and overall discounts depending on the volume.Russian Defense Ministry: Russian troops have taken control of Volokivka in eastern Ukraine.The eurozones seasonally adjusted trade balance in March recorded €3.5 billion, the smallest surplus since June 2025.The Eurozones seasonally adjusted trade balance in March was €3.5 billion, compared to €7 billion in the previous month.

S&P 500 Price Forecast -S&P 500 E-mini Contract Slams Into 3900

Florala Chen

Nov 11, 2022 16:58

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Technical Analysis of the S&P 500

The CPI data released during the trading session on Thursday were only at 0.4% month over month instead of 0.6% month over month, and as a result, the S&P 500 E-mini contract rocketed straight up in the air. With that said, the market will most certainly continue to witness a lot of people fantasizing about a softer Fed. Nevertheless, given that the US economy is still much tighter than most of the rest of the world, even if the upcoming interest rate hike is only by 50 basis points, I do believe that eventually the US dollar will start to fall along with the S&P 500.


Technically speaking, it is clear that we have banged into the 3900 level, which has obviously been supported and resisted numerous times along the road. Beautiful candlestick for the Thursday session, but can the market keep rising further? If it fails, we can go for the 200-Day EMA, which is now trading at the level of 4027. On the other hand, if we reverse course and draw back, we might head in the direction of the 50-Day EMA, which is close to 3826.


Pay attention to how the markets close out the week if you want to know what they are really thinking. They are far more confident if they are prepared to keep stocks through the weekend. Being able to maintain the first surge through both Saturday and Sunday is quite another thing altogether. This is currently a severe countertrend motion, although it hasn't yet grown any larger.

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