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Japans core machinery orders rose 4.2% month-on-month in September, below the expected 2.5% and the previous reading of -0.90%.Japans core machinery orders rose 11.6% year-on-year in September, below the expected 5.4% and the previous reading of 1.60%.According to Fox News: U.S. Treasury Secretary Bessant stated that Trump will meet with three candidates for Federal Reserve Chair after Thanksgiving. I can say with certainty that I will not become the Federal Reserve Chair.According to Fox News: U.S. Treasury Secretary Bessant said that President Trump may announce the next Federal Reserve Chairman before Christmas.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.07% to 46,091.74 points, the S&P 500 fell 0.83% to 6,617.32 points, and the Nasdaq Composite fell 1.21% to 22,432.85 points. Home Depot fell 6%, and Amazon fell more than 4%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 1.82%, Nvidia fell nearly 3%, and Microsoft fell more than 2%. Chinese concept stocks were mixed, with Amer Sports rising more than 8% and Daqo New Energy falling more than 6%. Both the Dow and the S&P 500 recorded their fourth consecutive day of decline. 2. All three major European stock indexes closed lower. The German DAX fell 1.85% to 23,153.92 points, the French CAC40 fell 1.86% to 7,967.93 points, and the UK FTSE 100 fell 1.27% to 9,552.3 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 2.93 basis points to 3.572%, the 3-year Treasury yield fell 4.17 basis points to 3.567%, the 5-year Treasury yield fell 4.02 basis points to 3.686%, the 10-year Treasury yield fell 2.52 basis points to 4.113%, and the 30-year Treasury yield fell 0.20 basis points to 4.733%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 0.17% to $4067.40 per ounce, and COMEX silver futures fell 0.34% to $50.54 per ounce. 5. Rosnefts Ryazan refinery suspended crude oil processing since the November 15 drone attack. The WTI crude oil futures contract closed at $60.57 per barrel; the Brent crude oil futures contract rose 0.93% to $64.8 per barrel. 6. London base metals all fell, with LME aluminum down 0.85% to $2,789.50/ton, LME copper down 0.75% to $10,698.00/ton, LME lead down 0.52% to $2,027.00/ton, LME zinc down 0.12% to $2,990.50/ton, LME tin down 0.07% to $36,860.00/ton, and LME nickel down 0.03% to $14,645.00/ton.

E-mini S&P: Plenty of Room to Downside with 4129.50 Target

Cory Russell

Apr 26, 2022 11:00

Early Monday, June E-mini S&P 500 Index futures were substantially down as investors responded to a dramatic drop in Asian equities markets. Investors are also anticipating higher interest rates and a flood of earnings reports from key technology firms like Amazon and Apple this week.


June E-mini S&P 500 Index futures are trading at 4233.50, down 33.75 points, or -0.79%, at 08:15 GMT. The S&P 500 Trust ETF (SPY) closed at $426.09 on Friday, down $11.97 or -2.73 percent.

Stocks in Shenzhen, China, are down 6%.

Investors in the United States are keeping an eye on mainland Chinese indices, which are leading the Asia-Pacific region's losses.


The Shanghai composite fell 5.13 percent to 2,928.51, while the Shenzhen component fell 6.08 percent to 10,379.28.


Despite strict lockdowns in Shanghai, China has been trying to manage its deadliest outbreak of COVID-19.


Chinese authorities in Beijing, China's capital, are warning that the virus has been spreading unnoticed for almost a week, adding to the quickly growing sickness.

Looking Forward...

Investors in the S&P 500 are preparing for the busiest week of corporate earnings season yet. This week, over 160 S&P 500 firms are set to report profits, with all attention on reports from large tech giants including Amazon, Apple, Google parent Alphabet, Meta Platforms, and Microsoft.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The resumption of the decline will be signaled by a trade through the intraday low of 4218.50. The major trend will turn to up if the price breaks through 4509.00.


4094.25 to 4631.00 is the short-term range. The market is now trading on the weak side of its retracement zone, which is resistance around 4299.25 to 4362.75.

Technical Forecast for the Daily Swing Chart

Trader response to 4267.25 is expected to impact the direction of the June E-mini S&P 500 Index into Monday's closing.

Bearish Scenario

The presence of selling will be shown by a persistent move below 4267.25. Taking out 4218.50 indicates that the selling pressure is increasing. This might set the stage for a run to the major bottom at 4129.50, followed by a drop to the 2022 low at 4094.25.

Possibilities for Growth

The presence of buyers will be signaled by a prolonged advance over 4267.25. Look for a push into 4299.25 if this develops enough upward momentum. Overtaking this level would indicate that purchasing is becoming more active, with a 50% level at 4262.75 being a possible objective.

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