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On June 9, the U.S. Central Command announced on social media that the U.S. military fired on an empty oil tanker attempting to sail to an Iranian port in the Gulf of Oman, rendering it incapable of navigation. The statement said the Palau-flagged tanker "violated the U.S. blockade order" and was sailing through international waters of the Gulf of Oman towards Iran, with its crew refusing to comply with U.S. instructions. An F/A-18 Super Hornet fighter jet from the USS Abraham Lincoln aircraft carrier fired a precision-guided weapon at the tanker, rendering it incapable of navigation. The U.S. Central Command stated that since imposing a blockade on maritime traffic to Iranian ports on April 13, the U.S. military has rendered seven merchant ships incapable of navigation and forced 134 vessels to change course.According to Saudi Arabias Al Arabiya TV, the US State Department stated that the naval blockade against Iran will remain in place until an agreement is reached. Frozen Iranian assets will not be unfrozen or released until Iran fulfills its commitments.U.S. Democratic senators sent a letter to the Inspector General requesting an investigation into Transportation Secretary Duffys road trip, which was paid for by corporate donors.June 9th - As of 2:30 PM closing, the Shanghai Gold futures main contract rose 0.06% to 952 yuan/gram, the Shanghai Silver futures main contract fell 0.65% to 16,506 yuan/kilogram, and the SC crude oil futures main contract fell 1.12% to 590 yuan/barrel.Futures News, June 9th: As of 2:30 PM closing, the Shanghai Gold futures main contract rose 0.06%, the Shanghai Silver futures main contract fell 0.65%, and the SC crude oil futures main contract fell 1.12%.

S&P 500 Price Forecast — Stock Market Looking for Footing

Florala Chen

Aug 24, 2022 15:54

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In the E-mini contract, the S&P 500 has gained a little bit of stability during the Tuesday trading session as we get closer to a critical support level.

Technical Analysis of the S&P 500

In the early stages of the E-mini contract, the S&P 500 has moved in a rather narrow range. Having said that, this week is the Jackson Hole Symposium, which is practically guaranteed to make a lot of noise. In this case, I believe the trading public will be paying great heed to central bankers' pronouncements, which, of course, may sometimes result in complete pandemonium.


In this case, I believe we could have a brief rebound followed by increased selling pressure. The 200-Day EMA is located around 4185, and there is considerable resistance at the 4300 level above. It's also important to pay attention to the 50-Day EMA, which is at 4082 and climbing below; it may provide dynamic support.


I do believe that it is extremely possible that traders will look to the 50-Day EMA to salvage the market upward, regardless of whether or not this turns out to be the case. If we break it down below that, the market is probably just trying to get to the 4000 level. Anything below the 4000 mark indicates that we have once again altered our mentality and that more downside is yet to come.


One thing you can certainly bet on, in my opinion, is a lot of noisy volatility, mostly as a result of the central bankers' ranting in Wyoming. They will almost certainly underline their resolve to battle inflation, which means that monetary policies will continue to tighten throughout the globe.

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