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March 14 - According to US media reports citing US officials, five US Air Force refueling tankers were damaged in Irans missile attack on the Prince Sultan airbase in Saudi Arabia. The report stated that the tankers were damaged in a recent Iranian missile attack. A source said the aircraft were damaged but not completely destroyed and are currently undergoing repairs. No casualties were reported. The report did not specify the exact model of the tankers.Saudi Ministry of Defense: A drone was intercepted and destroyed in the eastern region.Market news: Smoke rose over the area of the U.S. Embassy in Iraq, suspected to be a direct hit by an Iranian unidirectional attack drone.On March 14, according to Iranian media Fars News, more than 15 explosions were heard across Hargh Island during the US attack on Irans main oil export hub. The US attack appeared to target multiple locations, including an army air defense system, a naval base, an airport control tower, and a helicopter hangar operated by Irans offshore oil company. The media outlet cited witnesses who reported seeing smoke rising from parts of the island. The report stated that the islands oil infrastructure was undamaged, confirming President Trumps description of the attack. Iran had previously warned that any attack on its energy facilities could trigger retaliation against oil and gas infrastructure in the region linked to the US and its allies.March 14 – The Trump administration has initiated a process to massively utilize the U.S. emergency petroleum reserves, issuing a request to exchange 86 million barrels of crude oil. The Department of Energy stated in a statement Friday that oil drawn from the Strategic Petroleum Reserve, as part of the 172 million barrel release plan announced Wednesday, is expected to begin flowing into the market by the end of next week. This release of oil reserves is expected to take four months to complete and is part of a coordinated 400 million barrel action plan with other countries. Under the exchange terms, companies will return the loaned oil to the Department of Energy in the future, paying an additional amount as a premium. The Department of Energy stated earlier this week that the Trump administration has planned to replenish the Strategic Petroleum Reserve with approximately 200 million barrels of oil over the next year, 20% more than the reserves being used this time.

S&P 500 Price Forecast – Stock Markets Continue to Struggle

Alice Wang

Jul 15, 2022 15:54

Technical Analysis of the S&P 500

Due to the ongoing pessimism, the S&P 500 has decreased somewhat during Thursday's trading session. At this time, it seems as if the market is prepared to go further, maybe attempting to approach the most recent lows at the 3637 level. In the end, this market should continue to see a lot of agitated behavior. I believe that fading rallies will remain a significant problem. The 50 Day EMA is now hanging in the general vicinity of the 3950 level, which serves as the ceiling at this time.


Ultimately, your indication to become engaged will be when you start to feel exhausted after brief rallies. Given the lack of global growth and the fact that inflation is still a problem, I do believe the downward trend will continue. Additionally, the Federal Reserve is rapidly tightening monetary policy, and as a result, a 100 basis point interest rate rise is being predicted. Due to the fact that the S&P 500 contains so many significant exporters, it is extremely probable that we will continue to see significant problems with the global economy.


In the end, a running season is approaching, so there could be some "hopium" waiting to happen, but after hearing J.P. Morgan declare, "We have never seen an economic scenario like this," during its results presentation, I don't think this earnings season will be cause for celebration. After a rally, I will suppress any indications of tiredness.

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