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US President Trump: Iran has been asking whether US sanctions can be lifted.Futures News, November 7th: Crude oil prices continued to decline, resulting in weak trading activity in the fuel oil market. A wait-and-see attitude is prevailing, with purchases mainly consisting of small, immediate needs. Actual market activity is sluggish, and it is expected that fuel oil negotiations today will still face some risk of a slight downward correction.New York gold futures broke through $4,000 per ounce, up 0.23% on the day.On November 7th, the Russian Ministry of Defense released a battle report on November 6th, stating that in Pokrovsk (known as the Red Army City in Russia) in the Donetsk region, Russian forces continued their attacks on besieged Ukrainian troops, seizing control of 64 buildings within a 24-hour period and repelling more than ten Ukrainian attempts to break the siege. Furthermore, Russian forces struck Ukrainian targets in 149 areas, including energy and transportation infrastructure, drone storage and launch sites, and temporary deployment points for Ukrainian troops and foreign mercenaries. Within a day, they destroyed or shot down two guided-missile bombs, more than 200 drones, and over 10 armored vehicles. The General Staff of the Ukrainian Armed Forces stated on the 6th that Ukrainian forces repelled hundreds of Russian attacks in multiple directions, including Pokrovsk (known as the Red Army City in Russia), and reinforced military units defending the city. The Ukrainian Armed Forces also stated that on the 5th, they attacked a drone storage, assembly, and launch site in the Donetsk airport area and assaulted the Volgograd oil refinery in Russia.A sell-off in US tech stocks triggered a sharp decline in Japanese chip-related stocks, with SoftBank Group falling 7.7%.

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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