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China Passenger Car Association: Tesla exported 36,119 China-made cars in August.Futures Commentary by Everbright Futures: On September 7th, COMEX gold continued its sideways trading, closing at $4452.0 per ounce, down 0.55%. Domestic SHFE gold futures continued to hover around 960 points in the night session, closing at 954.1 yuan per gram, down 0.04%. 1. News: The US-Canada trade war escalated, with Canada planning to impose tariffs ranging from 15% to 50% on hundreds of US goods on Tuesday. Trump threatened to ban the sale of Bombardier aircraft in the US. Geopolitically, Saudi Aramco oil facilities were attacked again, and traffic in the Strait of Hormuz fell to its lowest level since May. Regarding central banks, Chinas gold reserves at the end of August were 76.73 million ounces (approximately 2386.57 tons), an increase of 650,000 ounces (approximately 20.22 tons) month-on-month. The Peoples Bank of China has increased its gold holdings for the 22nd consecutive month. 2. CME data shows that interest rate hike expectations are still rising. If the FOMC does raise rates in September, it will mark a reversal of the policy tone of the easing cycle that has been in place since 2024. However, given the influence of US Treasury bonds, a rate hike would essentially mean that market expectations have been met. Nevertheless, with interest rate hike expectations fluctuating, there is significant uncertainty surrounding the September Fed meeting, and price performance may also be volatile. The US August PPI and CPI data will be released successively from September 10th to 11th, which may provide strong guidance for the Feds interest rate decision, and the market may experience increased intraday volatility around these data releases.Sri Lankan Ceylon Petroleum executives: In addition to WTI and Siberian Light crude, they are testing Sahara blends to diversify their refining feedstock sources.Sri Lankan Ceylon Petroleum executives: Seeking foreign joint venture partners with access to crude oil to expand refining capacity.Sri Lankan Ceylon Petroleum executives: Plans to double refining capacity to 100,000 barrels per day within four years.

S&P 500 Choppy Ahead of the FOMC Press Conference

Skylar Shaw

May 05, 2022 10:37

Technical Analysis of the S&P 500

The S&P 500 first attempted to advance during Wednesday's futures market trading session, and it seems that the 4200 level above will continue to act as a bit of barrier. If we can break through the 4200 mark, we'll most likely target the 4300 level. 


The 4300 level is a big, round number with psychological significance. That is a major barrier, and breaching over it would impact the market's general attitude, as it would continue to confirm the enormous hammer that we established throughout the trading session on Monday.


If we break below the bottom of the hammer from Monday's session, we'll most likely target the 4000 handle. Because of the headline noise, the 4000 level underneath it will get a lot of attention, but I believe we will begin to accelerate to the downside at that point. Whatever the case may be, I believe a lot of it boils down to what the Federal Reserve says, and maybe more significantly, how the market interprets it.


Because we will have just completed what is expected to be the largest event for the market this month, the market is likely to experience a strong and impulsive move at this moment. Regardless, there are clearly many fears out there, and unless Jerome Powell can soothe the market jitters, things might become nasty very quickly.

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