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On May 28, Iranian Foreign Ministry spokesman Baghae issued a statement strongly condemning the US military attack on parts of Bandar Abbas in southern Iran early that morning. Baghae stated that this act was a blatant violation of Irans territorial integrity and national sovereignty, and a serious breach of international law and the UN Charter. Baghae pointed out that the UN Security Council has a responsibility to fulfill its legal obligations and hold the US accountable.On May 28th, according to Investinglive, gold prices fell to a two-month low this week due to a lack of substantial progress on the US-Iran issue and the risk of a hawkish stance from the Federal Reserve. Despite market expectations of an imminent agreement and the reopening of the Strait of Hormuz, no official confirmation has been released. Currently, there is only a lot of noise and rumors. Furthermore, in the past few days, both the US and Iran have conducted limited military strikes, but the US continues to maintain that the ceasefire agreement remains in effect. Regarding the Federal Reserve, a growing number of policymakers are now advocating abandoning the dovish bias, so we can expect this to happen at the June FOMC meeting. Moreover, if there are no changes in the US-Iran situation before then, with persistently high inflation and resilient US data, the market may see a hawkish surprise. In the short term, if the situation is resolved and the Strait reopens, lower oil prices and rising expectations of interest rate cuts may support gold prices. However, if the Strait remains closed for a longer period and oil prices remain high, the risk of the Federal Reserve being forced to raise interest rates will increase.Iranian Foreign Ministry spokesman: Iran expresses solidarity with Oman following “threats from U.S. officials.”According to RIA Novosti, the head of Russias Foreign Intelligence Service stated that the European Union is accelerating its military buildup and is evolving into a military alliance against Russia.On May 28th, European Central Bank President Christine Lagarde stated on Thursday that governments may be inclined to strengthen control over monetary authorities, making the maintenance of central bank independence even more crucial amidst an increasingly challenging global order. Lagarde said, "In an increasingly difficult world, the challenge is no longer just maintaining legal independence, but more importantly, maintaining the credibility needed to exercise that independence." "History has taught us a very clear lesson: building trust takes a long time, but losing it takes only a moment." Lagarde noted that over the past decade, the "de facto independence" of central banks in nearly half of the countries representing approximately 75% of global GDP has deteriorated. She also emphasized that policymakers face an increasingly unfavorable environment, including more frequent supply shocks, rising fiscal pressures, and declining public trust in public institutions. In this context, credibility earned through action is becoming increasingly decisive.

S&P 500 (SPY) Rallies As Dollar Pulls Back From Highs

Cory Russell

Sep 29, 2022 14:34

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Technical Analysis of the S&P 500

Throughout electronic trading overnight in Asia, the S&P 500 originally declined, but the E-mini contract proved to be durable during trade, and now it seems that we are attempting to build some sort of support. Having said that, the fact that we have reached a "lower low" indicates that the overall structure is still highly unfavorable. Because of this, I believe it's just a matter of time until we see new lows, but in the meanwhile, let's have a little rebound to shake a few folks about.


At this point, I would consider any rise to be a possible selling opportunity, at the very least at the first indications of tiredness. As the 50-Day EMA is falling and moving toward the market, the 3800 level makes a lot of sense as a barrier.


I do believe that traders will continue to sell off short-term gains in this scenario, but the odd relief rally does make a lot of sense. We have, after all, moved too quickly and drastically to the negative in this circumstance. So be it if the market gains. Although I won't be participating, I'll be on the lookout for a chance to go short once again. The Bank of England has opted to increase its bond purchases, and while it's probably important to note that they are rising rates concurrently, the Federal Reserve is nothing near relaxing monetary policy at this moment, so you probably have a lot of people purchasing.


Today on Wall Street, the story will almost certainly go something like this: "If the Bank of England is prepared to change course, then the Federal Reserve must be prepared as well!" These idiots are the ones that incur losses. Nothing has changed, and as of right now, the higher it rises, the more interested I am in selling.


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