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According to foreign media reports on April 16th, Malaysian crude palm oil futures on the Bursa Malaysia Derivatives Exchange (BMD) are likely to open higher on Thursday morning, following gains in external markets. International crude oil futures rose firmly on Wednesday as shipping in the Strait of Hormuz remained disrupted and hopes for a US-Iran peace deal were dashed. Lower-than-expected US soybean oil inventories boosted Chicago soybean oil prices, which will also help Malaysian crude palm oil futures in early trading. A weaker ringgit also contributed to the rebound in palm oil futures, as it made palm oil priced in the ringgit more affordable for buyers holding foreign currency. However, Malaysias increase in palm oil export tariffs for May, coupled with slowing export growth and increased palm oil production, will limit the markets rebound momentum.According to NewsNation: The Pentagon press briefing will be held at 8 p.m. Beijing time tonight.Market news: An explosion occurred in Kyiv, the capital of Ukraine. The mayor stated that air defense forces are on the scene.On April 16, White House documents revealed that US President Trump issued several pipeline permits on Wednesday, including one for a new pipeline aimed at facilitating the transport of crude oil and petroleum products between the United States and Canada. The permit was awarded to Bakken Pipeline for the construction of pipeline facilities in Burke County, North Dakota. He also issued other permits for the maintenance and operation of existing pipelines in North Dakota and Michigan, near the border.Explosions were heard in Kyiv, the capital of Ukraine, on the 16th local time. Air raid sirens had been sounded earlier in the city.

S&P 500, Nasdaq 100 Choppy on Thin Trading Volume with Europe Closed

Cory Russell

Apr 19, 2022 10:46


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Early on Monday, US market indexes were jittery as traders braced for a busy week of corporate reports. With most European markets closed for the Easter vacation on Monday, activity has been light, creating the ideal conditions for volatility. Bank of America surpassed quarterly estimates before the market opened, following in the footsteps of other Wall Street firms that reported last week.


China's GDP statistics was revealed overnight, and it again above expectations, much to the surprise of many. China has recently been in the news, as a number of big cities remain under lockdown as Covid spreads rapidly.


Netflix, Tesla, and Snapchat are among the companies reporting results this week. As a variety of variables continue to undermine GDP and inflation projections, sentiment remains low coming into this results season. A good results quarter ahead of the May FOMC meeting might provide some relief to battered US equities indexes.


As market investors comprehend the reality of tighter monetary policy, the S&P 500 (ES) continues to trend downward. Remember, the adage "don't fight the Fed" applies in both directions. Despite the general downward trend, there have been several actionable possibilities in recent weeks. ES bounced hard off the 4360 level overnight, eventually hitting resistance around the 4404 level, which served as a crucial pivot point last week. If we retest the overnight lows at 4355, we might see a fast test of 4340. Unless bulls can break the trend and target the 4440-444 zone again, bears may maintain control of the market.

NASDAQ 100 FUTURES 4 HOUR CHART

The Nasdaq 100 futures (NQ) are also on the decline, as rising US Treasury rates put downward pressure on growth company values. NQ has reverted to trend after breaching the 14000 level early in the NY session. As we approach a week of Fedspeak and important tech results, the market remains weak. As we prepare for the majority of forthcoming FAANG results, traders will be concentrating on Netflix and Tesla. We may see a retest of the overnight lows around 13729 now that NQ has been firmly rejected above 14000. Current patterns suggest that, like the S&P 500, cheaper prices are on the way. Traders may choose to reload longs around the 13100 level, which served as a launch pad for March's strong rally.

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