EUR/USD 1.16079
0.002%
Gold 4597.79
-0.396%
Oil 58.900
-0.379%
USD/JPY 158.250
-0.229%
GBP/USD 1.33859
0.028%
GBP/JPY 211.857
-0.180%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
January 16th - Yageo issued another price increase notice. Yageo stated that due to a significant increase in the cost of its chip product line, it has decided to adjust the prices of some resistor products starting February 1st, with an increase of approximately 15%-20%. Yageo had previously adjusted the prices of certain tantalum capacitors and ferrite beads, and recently announced this further price increase to its customers. The significant increase in the cost of its chip product line, especially the soaring prices of precious metals such as silver, ruthenium, and palladium, will affect resistor products including RC0402, RC0603, RC0805, and RC1206.Jefferies raised its price target for Nvidia (NVDA.O) from $250 to $275.On January 16th, Priyanka Sachdeva, an analyst at brokerage firm Phillip Nova, noted in a report that market sentiment is currently dominating oil price movements, but the impact of oil-related news is often short-lived. While escalating unrest in Iran and news of supply risks in Venezuela briefly pushed oil prices higher, they quickly retreated. Major forecasting agencies and industry data all indicate that the supply glut is worsening, which may limit upside potential for oil prices. Therefore, sanctions and headlines only trigger short-term fluctuations, rather than actual supply shortages.According to YTN television: A bus crashed into a building in South Korea, and multiple people are suspected of being injured.JPMorgan Chase raised its price target for Morgan Stanley (MS.N) from $162 to $173.

E-mini S&P 500 Index: Tough to Sustain Rally without More Solid Support Base

Cory Russell

May 06, 2022 11:18

Investors are anxious that the Federal Reserve's rate rise would not be enough to contain inflation, and that the US central bank will have to take more harsh measures. After reversing all of yesterday's gains, June E-mini S&P 500 Index futures are trading down late in the afternoon on Thursday.


At 18:29 GMT, June E-mini S&P 500 Index futures were trading at 4125.50, down 169.75 or 3.95 percent. The S&P 500 Trust ETF has dropped 16.77 percent to $412.29.


On Wednesday, the Federal Reserve raised interest rates by half a percentage point, as expected, and Fed Chair Jerome Powell expressly ruled out a 75-basis-point increase at a future meeting.


Only 22 S&P 500 index members were in the green at 18:00 GMT. In addition, all 11 of the major S&P sectors are down, with consumer discretionary leading the pack.

The Daily Swing Chart's Technical Analysis

The primary trend is down, according to the daily swing chart. A move through 4056.00 will herald the resumption of the downtrend. If the price breaks through 4509.00, the primary trend will shift to the upside.


The little declining tendency is still present. Taking out 4303.50 will move the minor trend higher and transfer momentum to the upside.


The minor range is 4303.50 to 4056.00. The 50 percent mark is at 4179.75, which is the nearest resistance. The second closest resistance is a 50% level at 4343.50.

Prospects in the Short Term

The reaction of traders to 4179.75 will likely determine the direction of the June E-mini S&P 500 Index into Thursday's close.

Negative Predictions

A prolonged rise below 4179.75 will signal the presence of sellers. If enough negative momentum develops, expect the selling to extend towards the major bottom around 4056.00.


If 4056.00 is taken out, a quick test of the main bottom at 4020.50 is expected on May 12, 2021. This might be the turning point in a downward trend.

Optimistic Outlook

A sustained move over 4179.75 will show the presence of buyers. If there is enough upward momentum, look for a late-session burst over the resistance cluster around 4282.50 – 4303.50.

Suggestion