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A court ruling shows that a U.S. appeals court has suspended an order restricting federal immigration officials enforcement tactics during protests in Chicago.On November 20th, gold prices gave back some of their gains after the release of the latest Federal Reserve meeting minutes, with market participants focusing on upcoming US economic data for new clues about the path of US interest rates. The minutes of the October Fed policy meeting showed that despite policymakers warning that lowering borrowing costs could impact inflation control after four and a half years of growth above the 2% target, the divided Fed decided to cut interest rates last month. Fed Chairman Powell stated in unusually blunt terms at the post-meeting press conference that a rate cut at the December meeting was "not a done deal." Marex analyst Edward Meir pointed out, "The minutes are a done deal; whats more important is observing the developments in December. The Fed needs more data to make its decisions. Scattered data releases will be the focus of market attention." The CME FedWatch Tool shows that traders currently expect only a 30% probability of a rate cut in December.Fitch: U.S. state budgets are being tested by slowing revenue growth and shifts in federal policy.xAI: Grok will also be integrated into Humain One, the proxy platform of Saudi AI startup Humain.November 20th - The minutes of the Federal Reserves October meeting showed that short-term funding market conditions in the United States tightened significantly during the break, but remained orderly. Towards the end of the break, the spread between the effective federal funds rate and the reserve interest rate narrowed to its narrowest level since the Fed began its balance sheet reduction in 2022. The guaranteed overnight funding rate repeatedly fell below the minimum bid rate of the Standing Repo Facility, leading to frequent use of this tool. Average usage of the overnight reverse repo facility fell to its lowest level since 2021. These changes collectively indicate that reserve balances are gradually (downward) approaching ample levels.

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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