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On November 16th, Roscosmos, the Russian state space corporation, announced that Russian cosmonaut Alexei Zubritsky successfully completed a transaction on the Russian "State Service" website aboard the International Space Station using biometric technology. Zubritsky logged into the website from space using biometrics and completed a transaction that prohibited the application for a mobile phone SIM card, a process that took only 30 seconds. After completing this transaction, even if someone possesses Zubritskys identification, they will not be able to apply for a mobile phone SIM card in his name. "State Service" is a government service portal created by the Russian government, where users can apply for drivers licenses, book doctor appointments, pay taxes, and process paperwork online. The website can be accessed using a username and password or facial recognition.On November 16th, it was reported that U.S. federal officials confirmed on the 15th that they had increased enforcement efforts against undocumented immigrants in Charlotte, North Carolina. On the same day, federal law enforcement officers conducted arrests at multiple locations, drawing strong opposition from local government and residents. Assistant Secretary of Homeland Security Tricia McLaughlin stated in a statement that they were deploying additional Homeland Security law enforcement personnel to Charlotte.According to TASS, Russian air defense systems shot down 57 Ukrainian drones last night.On November 16, it was reported that Li Baian, former member of the Party Committee and Vice President of China Merchants Group Limited, is suspected of serious violations of discipline and law and is currently under disciplinary review and supervisory investigation by the Central Commission for Discipline Inspection and the National Supervisory Commission.On November 16th, according to the Finnish newspaper Helsingin Sanomat, European Central Bank (ECB) Governing Council member Rehn stated that the risk of slowing inflation should not be ignored. Low energy prices, a stronger euro, and declining wage and service sector inflation all suggest that overall inflation may be excessively below the ECBs 2% target. When asked if the ECB might cut interest rates again in December, Rehn said, "This risk cannot be underestimated." However, he also cautioned against the potential for rising inflation. Rehn stated that despite the Trump administrations tariff policies disrupting global trade, the Eurozone economy has shown resilience. Rehn also warned that the stock market "clearly faces the risk of a correction," emphasizing the importance of bank capital buffers. Driven by the US artificial intelligence boom, current stock prices appear high relative to the performance of the real economy and corporate profits. This requires caution.

S&P 500 Price Forecast – Stock Markets Nervous Ahead of CPI

Skylar Shaw

Nov 10, 2022 17:56

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Technical Analysis of the S&P 500

As we wait for the CPI numbers, the S&P 500 E-mini contract has decreased somewhat during Wednesday's trading session. Considering that CPI statistics will almost probably favor the Fed tightening, it makes natural at this stage that we would experience some negative. Having said that, there is virtually always a story being told on Wall Street to raise stocks, if only momentarily. Keep in mind that Wall Street is there to sell you stocks. Follow the money, in other words.


The market is currently negative and has been for some time. There is also no genuine reason to believe that the economy is improving, which would cause the stock market to soar. As a result, I believe it will most likely only be a matter of time before this market breaks back down to the 3750 level, then the 3700 level. There is an important support level at 3600, and breaking that level would definitely cause the market to tremble since it would be a crash through support.


On the plus side, the perma-bulls may rush in and drive this market above the 3900 barrier if the CPI statistic comes in lower than expected. We will probably certainly test the 4000 level at that point. I believe there is a lot going on in the 4000 level area that would make it challenging to break above, including the 200-Day EMA racing toward it. If all else is equal, I like to sell rallies in this market, thus the CPI number might present me with that opportunity.

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