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A fire has broken out at an oil refinery in Russias Bashkortostan and firefighting is underway, with the production site suffering minor damage, the regional governor said.British retailer Sainsburys confirmed it is in discussions to sell its Argos subsidiary to JD.com (JD.O).The Cyberspace Administration of China is soliciting public opinions on the "Regulations on Promoting and Standardizing the Application of Electronic Documents (Draft for Comments)".On September 13th, Trump released a letter to all NATO nations and the world. He stated, "I am ready to impose significant sanctions on Russia when all NATO nations agree and begin taking the same actions, and all NATO nations stop buying Russian oil." As you know, NATOs commitment to "winning this war" is far from 100%, yet some countries are still buying Russian oil, which is truly shocking! This significantly weakens their negotiating position and leverage with Russia. This is not Trumps war (if I were president, this war would never have happened!), but Biden and Zelenskys war. My sole purpose is to help end this war and save tens of thousands of Russian and Ukrainian lives. If NATO does what I say, this war will end quickly, and all these lives will be saved!On September 13, Russian Permanent Representative to the United Nations Vasily Nebenzya revealed on the 12th that Poland acknowledged that a drone that recently entered Polish airspace may have originated from Ukrainian territory, stating that it was no secret that Ukraine "has been attempting to expand the geographical scope of the Russia-Ukraine conflict." This statement further complicates the Polish version of the Russian drones entry into Polish airspace. Several European and American experts, scholars, and politicians speculated that there may be a hidden story behind this incident.

S&P 500 (SPY) Dives To 3635 As Initial Jobless Claims Decline

Steven Zhao

Sep 30, 2022 15:00

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Investor Fears Regarding a Hawkish Fed

The Initial Jobless Claims data, which was better than expected, has caused investors to react negatively, and the S&P 500 is down more than 2% during today's trading session.


The figures revealed that just 193,000 Americans sought for unemployment benefits in one week, far less than the expert prediction of 215,000. The Fed claims that the labor market is still too tight. The study supported the robustness of the labor market. The Fed's need to raise rates rapidly in order to reduce demand and fight inflation would hurt stocks.


Auto stocks were under pressure after CarMax's profits and sales fell short of analyst projections. The stock is down 23% so far in today's trading. Traders think that Tesla, General Motors, and Ford have all dropped by 5-6% as a result of the effect that rising lending rates have had on the market for cars.


It is hardly surprising that tech shares have fallen today as the market prepares for higher interest rates. AMD, NVIDIA, and Apple among those that suffered the most losses in this market segment today.


Despite the oil market's rebound, the current sell-off is pervasive, and even energy stocks are under pressure. Since the market views the Fed's actions as the biggest danger to stocks, any news that signals the Fed will keep raising interest rates quickly causes a sell-off.

S&P 500 Tests Support At 3635

The 3635 support level continues to be the S&P 500's target closing price. Even if the RSI is virtually in oversold zone, if the right triggers occur, there is still a chance for additional bearish momentum.


If the S&P 500 closes below 3635, it will go toward the next support level at 3600. The S&P 500 will go closer to support at 3580 if this level is properly challenged.


For the S&P 500 during an upswing, the previous support level at 3660 will serve as the initial resistance level. If the S&P 500 climbs once more over this level, it will move toward the next hurdle at 3700. If the price rises over 3700, the resistance level at 3725 may be challenged.

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