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The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 3.8 occurred near Liunan District, Liuzhou City, Guangxi Province at 08:13 on May 20. The final result is subject to the official rapid report.The President of the Council of the European Union: The Council of the European Union and the European Parliament have just reached a provisional agreement on the implementation of two regulations on EU tariff reductions as outlined in the EU-US Joint Declaration.Futures News, May 20th: Domestic supply remains at a low level, and inventories at major ports are expected to continue to decline. However, downstream orders are weak, demand is insufficient, and there are many unstable factors in the Middle East. Oil prices have weakened from their high levels, and the diethylene glycol market may continue to be under pressure in the short term, with downstream buyers remaining cautious.On May 20th, according to foreign media reports, most soybean meal futures contracts on the Chicago Board of Trade (CBOT) fell on Tuesday, with the benchmark contract closing down 0.7%, mainly pressured by profit-taking by long positions. The most actively traded July contract traded between $330.7 and $338.2. Last week, soybean meal futures surged, reaching their highest level since October 2024, and the technical pattern is now severely overbought, indicating a potential correction. EU data shows that as of May 17th, EU soybean imports for the 2025/26 marketing year totaled 11.6 million tons, down 8% year-on-year; soybean meal imports totaled 15.7 million tons, down 7% year-on-year.The European-Mediterranean Seismological Centre reports a magnitude 5 earthquake in southern Iran.

S&P 500 Price Forecast – Markets Look on Edge

Alice Wang

Oct 27, 2022 16:40


Technical Analysis of the S&P 500

Given that both Microsoft and Google missed their earnings projections, it is not surprising that the E-mini S&P 500 contract gapped lower to start the trading day on Wednesday. Additionally, none of them provided great advice, so maybe the market is beginning to reflect reality again. These indexes often follow the performance of the major stock market participants, mostly because they are not equally weighted. After all, the S&P 500 is built to increase depending on all of the favorites, just like other American indexes.


A higher-than-expected GDP figure makes many wonder whether the Fed will really act on what it has been encouraging the market to do for months. On top of that, GDP statistics are due out tomorrow, which may also lead some people to feel a little uneasy. In spite of the fact that hope never dies and no one can really predict where the market will go next in such an emotional environment, it appears as though we are poised for a nice move lower, especially given that Apple will report after the close tomorrow and could add further downward pressure after Microsoft and Google absolutely destroyed the futures overnight.


It's possible that we will travel back into the previous consolidation region, which was so crucial for such a long time, if we break down below the 3800 level. Given that, I believe it's just a matter of time until we fall once again. We may be in for some choppy seas if we add it to the Federal Reserve's interest rate meeting and announcement the following week.

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