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On March 28, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that, as part of Operation Honest Commitment 4, the IRGC Navy and Space Force conducted strikes against multiple heavy industrial targets in the United States and Israel using missiles and drones in the 85th wave of attacks. The statement indicated that this operation was in retaliation for previous attacks by US and Israeli forces against Iranian civilian industrial facilities. During the operation, Iranian armed forces launched saturation attacks on heavy industrial centers in Israel and other regions, destroying some targets. The IRGC emphasized that if the US and Israel continue to attack Iranian industrial systems, the scale of Irans subsequent retaliation will "exceed their expectations." In addition, during the interception and counterattack operations, Iranian air defense systems shot down a US-made MQ-9 drone over Shiraz. A US F-16 fighter jet was hit in southern Fars province and subsequently crashed while en route to an emergency landing at a base in Saudi Arabia.March 28 (Wall Street Journal) – Energy analysts warn that the oil market could face even greater turmoil if the Houthi rebels in Yemen resume attacks on Red Sea shipping. A renewed attack could cut significant amounts of oil from global supply and drive up prices. Saudi Arabia has been diverting as much crude oil as possible from the Persian Gulf to its Red Sea port of Yanbu, from where cargoes are primarily destined for Asia. While this hasnt fully offset the amount of oil unable to pass through the Strait of Hormuz, it has helped limit the rise in global oil prices. Analysts say that if Houthi attacks make it too dangerous for tankers to approach Yanbu, millions of barrels of crude oil could be stranded daily in the Middle East. In that case, Saudi Arabia might be forced to cut production along with Kuwait and Iraq.On March 28, the Fajar Military District of Fars Province, part of the Iranian Islamic Revolutionary Guard Corps, issued a statement saying that Iranian security forces discovered and destroyed 122 cluster bombs dropped by US and Israeli warplanes in the suburbs and surrounding areas of Shiraz, the provincial capital. The statement indicated that these cluster bombs were dropped several days earlier in areas including the village of Kafri in Shiraz, causing civilian casualties. The munitions were identified as BLU-108 submunitions carried by US-made CBU-105 cluster bombs. The statement concluded that the US and Israeli forces use of such weapons against civilian areas is further irrefutable evidence of their war crimes.Sources say Saudi Arabias crude oil exports have reached approximately 5 million barrels per day, and its petroleum product exports have reached 700,000 to 900,000 barrels per day. The Saudi East-West oil pipeline has a transport capacity of 7 million barrels per day.The head of Russias State Atomic Energy Corporation (regarding the renewed attack near Irans Bushehr nuclear power plant) stated that the situation on the ground continues to deteriorate, and the attack poses a direct threat to nuclear security.

E-mini NASDAQ-100 Index: Steep Sell-off Puts 12179.50 on Radar

Skylar Shaw

May 06, 2022 11:10

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June E-mini NASDAQ-100 Index futures are down dramatically late in the session on Thursday, erasing the preceding session's rise in a shocking reversal that extends the market's losses in 2022. The move followed a significant stock market gain on Wednesday, with the NASDAQ Composite cash index rising 3.19 percent.


June E-mini NASDAQ-100 Index futures were trading at 12738.75 at 19:19 GMT, down 792.50 or -5.86 percent. The Invesco QQQ Trust ETF (QQQ) is down $19.08, or -5.79 percent, to $310.52.


Investor concerns that the Federal Reserve's rate rise would not be enough to keep inflation under control, requiring the Fed to become more aggressive, sparked the sell-off.


Large tech stocks were under pressure, with Meta Platforms, which is owned by Facebook, and Amazon falling 5.8% and 7.1 percent, respectively. Microsoft's stock fell 4.7 percent.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through 12709.75. The primary trend will turn to up if 13555.25 is crossed.

13583.75 to 12709.75 is the minor range. The market is now trading below its pivot around 13146.75, which is the closest barrier.

Short-Term Prospects

Trader response to the pivot at 13146.75 will decide the direction of the June E-mini NASDAQ-100 Index into Thursday's closing.

Bearish Prospects

The presence of sellers will be shown by a persistent move below 13146.75. Look for a test of the major bottom around 12709.75 if this develops enough negative momentum.


Taking out 12709.75 might set off a sell-off, with the primary bottom at 12179.50 on March 5, 2021 being the next significant target.

Positive Outlook

Late in the session, overtaking the pivot at 13146.75 will signify the return of buyers. This might result in a price increase from 13555.25 to 13583.75. If this region is broken, an acceleration to the upside is possible, with 13989.25 being the next major upside objective.