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Futures News, April 30th: Economies.com analysts latest view: Brent crude oil futures surged in recent intraday trading, breaking through the key resistance level of $109.00, which had previously been our price target. This rally reflects a strong short-term bullish trend, with prices continuing to move along the upward trend line, providing support for current momentum. The bullish bias is further consolidated as prices remain above the 50-day EMA, showing continued dynamic support. However, after prices entered overbought territory, the Relative Strength Index (RSI) has shown initial signs of a bearish crossover, which could limit further upside potential.On April 30, Zhao Leji, Chairman of the Standing Committee of the National Peoples Congress (NPC), presided over the closing meeting of the 22nd session of the 14th NPC Standing Committee. Zhao Leji stated that the session reviewed eight draft laws, passing two of them. The newly formulated Social Assistance Law, adhering to the principles of ensuring basic needs, providing a safety net, addressing emergencies, and ensuring sustainability, is of great significance for strengthening the social safety net, promoting social equity, and maintaining social harmony and stability. The revised Prison Law improves the prison management system, further standardizes and guarantees the correct execution of penalties in prisons, and is conducive to promoting a higher level of peace and rule of law in China. The meeting conducted a second review of the draft Medical Security Law and the Law on the Protection and Quality Improvement of Cultivated Land, and conducted the first review of the draft revisions to the Law on State-Owned Assets of Enterprises, the Agricultural Law, the National Defense Mobilization Law, and the Water Law. Relevant departments should carefully study the relevant opinions and suggestions and revise and improve the drafts. Zhao Leji emphasized that members of the NPC Standing Committee and its special committees, as well as NPC officials, should perform their duties with high quality.Hungarian Central Bank Governor Varga: Hopes to avoid a recurrence of high inflation and high inflation expectations.Futures Market News, April 30th: Zhengzhou rapeseed meal futures opened higher but then fluctuated. Canadian canola futures closed higher, with the benchmark contract rising 2.16%, following the upward trend in international crude oil futures. Rapeseed meal spot prices fell slightly. Canadian canola has not yet entered large-scale crushing, but ample supply is expected in the longer term, and downstream purchasing sentiment remains cautious. Attention should be paid to the recovery of demand from aquaculture.Energy Intelligence Group reporter Amona Barker: One thing I know about OPEC is that the organization is constantly evolving. Countries join, and other countries leave, but the organization still exists.

S&P 500 Price Forecast – Stock Markets Drift Lower Again

Cory Russell

Sep 21, 2022 15:16

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As we continue to see a lot of erratic activity, the S&P 500 E-mini contract has plummeted once again during Tuesday's session.

Technical Analysis of the S&P 500

On Tuesday, the S&P 500 E-mini contract fell for the most of the day as we kept applying downward pressure. The Federal Reserve and any possible setup they may have in terms of monetary policy are causing traders to get more and more apprehensive. Since the Federal Reserve is still favoring battling inflation in this climate, it is not helpful for growth.


It's important to remember that the previous two candlesticks were hammers, so it is obvious that someone is below and ready to purchase. It would be a major turn of events and possibly drive this market substantially lower if we broke down below those hammers. In that case, I wouldn't be at all shocked to see the S&P 500 fall below the 3800 level, where I also anticipate a fierce battle. The chance of a decline to the 3600 level, where we previously bounced, increases if the 3800 level is broken.


This market need the Federal Reserve's intervention to save it, which is not likely to occur anytime soon. Because of this, I believe you should see it through the lens of waning rallies, particularly if they misinterpret Jerome Powell's remarks once again. In order for Wall Street to pay attention to his final speech at Jackson Hole, he had to openly admit that there would be suffering. He might be just as blunt this time, and I expect him to be, so things could rapidly spiral out of control.

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