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On September 8th, Futures News reported that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to maintaining market stability, deciding to keep their daily crude oil production quotas for October at the same level determined in September 2026. OPEC+ will continue to hold monthly meetings to monitor market dynamics, with the next meeting scheduled for October 4th, 2026. Previously, the production quotas of these seven OPEC+ countries had increased for six consecutive months, and member countries are still working to determine new production quotas. During these six months, the organization gradually lifted production cuts, and the market still has sufficient capacity to absorb the increased oil supply. However, despite the significant increase in production quotas, the Strait of Hormuz is blocked due to the war between the US and Iran, and Russian crude oil exports are also restricted due to Western sanctions. In other words, since these seven countries crude oil is mainly for export, the increased quotas are meaningless given the export restrictions.September 8th - According to Irans Fars News Agency, the Saudi Ministry of Energy stated that Houthi armed forces launched attacks on energy facilities in southern Saudi Arabia early Tuesday morning, causing fires and temporarily halting operations at some facilities. The attacks reportedly targeted the Saudi Aramco oil refinery in Abha. Simultaneously, reports indicated an attack on Abha airport, and explosions were heard in several areas of southern Saudi Arabia. This is the third attack on Saudi oil facilities in less than 48 hours.The most active liquefied petroleum gas (LPG) contract rose 4.00% intraday, currently trading at 6812.00 yuan/ton.Frances July trade balance will be released in ten minutes.On September 8, the Saudi Arabian Ministry of Foreign Affairs issued a strong condemnation of the Houthi attacks targeting civilian and economic targets in Abha, Qamisht, Jazan, and Najran in southern Saudi Arabia. These attacks resulted in injuries to 73 civilians, including women and children. Furthermore, the group continues its attacks on merchant ships in the Red Sea, threatening international freedom of navigation.

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.

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