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Conflict Status: 1. The Ukrainian military claims to have hit 21 Russian oil tankers overnight. 2. The Russian Ministry of Defense: Russian troops have taken control of Bachivsk in the Sumy region of Ukraine. 3. The mayor of Kyiv, Ukraine: Russian bombings have struck several areas of the capital, injuring six people. 4. According to RIA Novosti: Ukrainian forces launched 41 attacks on Russias Belgorod region in one day, intercepting 47 drones. 5. The Ukrainian Foreign Minister: Russia attacked Kyiv with ballistic missiles and Sumy with guided-missile bombs. At least four people were killed and seven injured. Other Developments: 1. The Ukrainian army will establish a special command and joint rapid reaction force. 2. Russia claims to have contacted Turkey regarding the deployment of the S-400 air defense missile system. 3. A former senior Pentagon official: Kyiv will be unable to produce Patriot missiles for the next few years. 4. The Russian Ministry of Defense: The successful strikes confirm the Russian militarys ability to strike any target throughout Ukraine. Zelenskyy has deployed almost all available Western missile defense systems to Kyiv. 5. Kremlin: Nuclear weapons will be used if there is any threat to the existence of the Russian state. Otherwise, they will not be used. Everything else is pure speculation.July 12 - According to a US source on July 11, a senior US official stated that the US military successfully struck Iranian air surveillance radar, missile and drone storage facilities, missile and drone launch sites, maritime surveillance radar, and surface-to-air missile launchers that day.According to Al Jazeera: Iranian officials said the US strikes "will not go unanswered."According to Al Jazeera: The U.S. War Secretary said Iran is paying the price for its "wrong choice".The UK Maritime Trade Organization has received a report of an incident that occurred 9 nautical miles east of Oman.

S&P 500 Pulls Back From Session Highs As Apple Tests Weekly Lows

Cory Russell

Nov 07, 2022 15:23


Apple drives the S&P 500 to weekly lows

As the unemployment rate jumped from 3.5% in September to 3.7% in October, the S&P 500 gained support at the start of today's trading session. Traders were eager to wager that the Fed would become less hawkish as the unemployment rate rose. S&P 500, however, immediately lost impetus and went in the direction of the 3725 level support.


While the sell-off was still going on, Apple dropped below the $135 mark. The S&P 500 recently came under significant pressure due to the sharp decline in Apple stock. Tesla meanwhile drew nearer to its yearly lows.


PayPal experienced a 5% decline following the release of subpar fourth quarter guidance. The company anticipates that lower consumer spending will have an impact on its earnings, which is negative for the stock.


Ahead of the weekend, basic commodities equities have significant support, while tech companies are generally trending lower. Commodity markets are rising today on expectations that China may ease its zero-COVID policy. Freeport-McMoRan, the largest copper producer, increased 10% as copper prices rose above $3.60. As gold prices rose above the $1670 mark, gold producer Newmont Corporation saw a 7% increase.


The S&P 500 was under a lot of pressure this week despite gains in energy and basic commodities companies due to the sharp sell-off in tech shares. If the top technology stocks continue to decline, the market as a whole will not be able to recover.

Strong Resistance Awaited S&P 500 Near The 50 EMA

The S&P 500 keeps trying to close below the 3725 support level. The S&P 500 will go toward support at 3690 if it is able to settle below this point. The S&P 500 will be pushed toward the support at 3650 if the support at 3690 is successfully tested. If the S&P 500 falls below this mark, it will move in the direction of the next support at 3625.


To the upside, the S&P 500 must continue to trade above the level of 3725 in order to have a chance of gaining upward momentum soon. The S&P 500's subsequent resistance level is at 3760. The next resistance at 3805 can be tested if the test of the resistance at 3760 is successful. Since the 50 EMA is close by, the S&P 500 will probably encounter significant resistance between 3805 and 3815.

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