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On March 19th, it was announced at a press conference held by the General Administration of Customs that, in order to further improve the level of supervision over imported food safety and facilitate trade in imported food, the General Administration of Customs recently revised and issued the "Regulations on the Registration Management of Overseas Production Enterprises of Imported Food of the Peoples Republic of China" and supporting implementation announcements. The relevant policies and measures will officially take effect on June 1, 2026. Li Jinsong, Director of the Import and Export Food Safety Bureau of the General Administration of Customs, stated that the new regulations place greater emphasis on implementing the "strictest standards" for food safety, strengthening source management and full-process supervision. At the same time, they fully consider the continuity with existing registration systems; currently registered enterprises worldwide will not only be unaffected in their imported food trade but will also receive greater convenience through the new regulations. Specifically, for registered enterprises other than those producing meat and meat products and birds nest and birds nest products, the validity period will be automatically renewed upon expiration.Libyas National Oil Corporation (NOC) said the fire at the Sharara oil field pipeline has been extinguished.March 19th - Fuel shortages are emerging in cities and rural areas across Japan, impacting everything from public transportation to agricultural production. The situation is exacerbated by the growing chaos caused by the war in Iran, which is permeating daily life. The import-dependent country relies almost entirely on Middle Eastern oil supplies, and the de facto closure of the Strait of Hormuz has had a particularly severe impact. Major refiner Idmitskovsan began reducing supplies to customers this week, and gasoline prices in the country surged 18% in the past week, reaching their highest level on record in 36 years. Some farmers have reported difficulty obtaining diesel fuel for tractors and other equipment before the planting season, which typically begins in April. Dealers have therefore limited sales and are seeking alternative sources of supply. Several suppliers have stated they have no inventory available for delivery.German container shipping company Hapag-Lloyd: Any change of flag still requires further consultation, internal assessment, commercial considerations, and approval of relevant legal and regulatory requirements.The China Earthquake Networks Center officially reported that a magnitude 3.4 earthquake occurred at 18:09 on March 19 in Shaya County, Aksu Prefecture, Xinjiang (41.06 degrees north latitude, 83.56 degrees east longitude), with a focal depth of 17 kilometers.

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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