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The UKs three-month ILO unemployment rate for March, the number of unemployment benefit claims for April, and the unemployment rate will be released in ten minutes.Market sources say Samsung Electronics and the union will resume negotiations this afternoon, with two issues still at odds.On May 19th, Nikko Securities economist Yoshimasa Maruyama stated that considering the recent momentum in the Japanese stock market and the potential trend shift driven by a stable, long-term government, the Nikkei index could reach around 65,000 points by the end of the year. Maruyama predicts the index could reach approximately 73,000 points by the end of 2027 and around 80,000 points by the end of 2028. However, he pointed out, "If the conflict in the Middle East escalates, and it doesnt just lead to rising oil prices, but evolves into a serious supply constraint problem, the expected trend of asset prices, including stocks, could be revised downwards."On May 19th, futures market news reported that recent rainy weather in producing areas has limited corn shipments for most traders, leading to a temporary tightening of effective supply. Some companies have slightly raised prices to encourage purchases. While some traders in producing areas still have sales needs after the weather improves, downstream companies are focusing on the new wheat harvest and awaiting relevant policy grain auctions, resulting in weak enthusiasm for corn purchases. However, the trading sector is supported by costs and has limited acceptance of low prices; therefore, mainstream market prices are expected to remain stable in the near term.According to data from Zhuochuang Information, as of the close of trading on May 18th, the wholesale-retail price difference for gasoline and diesel from major domestic suppliers was 3376 and 2401 yuan/ton, respectively, while the difference between wholesale and retail prices for gasoline and diesel from Shandong local refineries was 3513 and 2608 yuan/ton, respectively. Since the Middle East conflict, the domestic wholesale-retail price difference for gasoline and diesel narrowed to around 300 yuan/ton. Subsequently, due to the increase in retail price limits, but a decline in wholesale market prices, the wholesale-retail price difference range widened. In the short term, international oil prices are expected to remain strong, and there is still an expectation of an increase in the retail price limit for refined oil products in this round. However, the momentum for wholesale prices to follow suit is limited, and the wholesale-retail price difference is expected to remain at a high level.

S&P 500 Reached 4,000 – Is Bear Market Over?

Cory Russell

Nov 15, 2022 17:16

After gaining by 5.5% on Thursday, the S&P 500 index gained by 0.92% on Friday. The market remained positive after the release of the Consumer Price Index on Thursday, and the index for the entire stock market rose to its highest level since September 13. On Friday, the day's high was 4,001.48.


This morning's opening of the S&P 500 index is predicted to be 0.3% lower. We might see a profit-taking strategy at some time. There haven't, however, been any unambiguous early warning indications.


On the daily chart, we can see that the S&P 500 index broke over its prior regional highs last week and hit the 4,000 level.

Futures Contract with Short-Term Uncertainty

Let's examine the hourly chart for the S&P 500 futures contract. It barely climbed beyond the 4,000 level on Friday. It appears to be in a short-term consolidation phase right now, or it may be a flat decrease within an uptrend. Among other things, the resistance level is between 4,000 and 4,050.


In our opinion, there are presently no positions that are warranted in terms of risk versus reward.

Conclusion

The stock market is anticipated to vary after last week's huge increase from Thursday to Friday. The S&P 500 index may pause after reaching 4,000 last week. The market appears to be briefly overbought, so during the trading day we might see some profit-taking. There haven't, however, been any unambiguous early warning indications.

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