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On May 2, German Reconstruction Bank economist Schoenwald said in a report that the European Central Bank should be free to cut interest rates again after data showed that the euro zone inflation rate remained at 2.2% in April. She said that the stronger euro made imported goods cheaper, coupled with the suppression of the economy by trade conflicts, should be enough to stabilize consumer inflation around the 2% target in the medium term. This leaves room for the ECB to cut interest rates again in June. However, price pressures in the euro zone service industry remained high, pushing up the core inflation rate.According to Japans Kyodo News: The United States is not considering exempting Japan from its 10% reciprocal tariff.On May 2, analysts at Monex Europe said in a report that the progress made by the right-wing party Reform UK in the UK local elections may be one of the reasons for the current decline of the pound against the euro. "While the local election results will not have a huge impact on the market in our view, it still made headlines in the UK, and the reform seemed to have had a very good night at the expense of both the Labour Party and the Conservative Party." However, they said that the US non-farm payroll report will eventually have a greater impact on the trend of the pound.ExxonMobil (XOM.N): Continues to focus on cutting business costs.Israeli military: It has been confirmed that a missile was fired from Yemen towards Israeli territory and the air defense system was activated to intercept the threat.

S&P 500 Price Forecast – Jobs Number Leads to Nothing

Cory Russell

May 07, 2022 10:52


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Technical Analysis of the S&P 500

During Friday's trading session, the S&P 500 dropped down somewhat, dipping below the 4100 barrier. We're attempting to create a hammer by spinning around to demonstrate our support. If we break through the bottom of the hammer, we'll almost certainly go considerably lower. However, if we break over the top of the hammer, the market is likely to go above the 4300 level. Although there is a lot of commotion right above us, it would make sense if we went back and forth and tried to consolidate even more.


The market seems to be deciding whether to break down any deeper, but I believe that a rebound at this time will more than likely show indications of tiredness, allowing us to resume shorting. If we were to break through the 4300 level, we may aim for the 4400 level.


At this point, I believe the market is just trying to figure out what to do next, given the tightening of the Federal Reserve, as well as high inflation and an economic downturn. In other words, it's a tremendous mess right now, and we're going to see a lot of erratic behavior that will continue to sway the market. Because we are effectively in a range-bound scenario, it should be traded accordingly.

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