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US stock index futures narrowed their losses, with S&P 500 and Nasdaq futures returning to flat.The yield on Japans five-year government bonds fell 0.5 basis points to 1.22%, erasing earlier gains.On October 30th, Hirofumi Suzuki, Chief Foreign Exchange Strategist at Sumitomo Mitsui Banking Corporation, stated that the Bank of Japans interest rate decision appeared to be an independent decision based on its own assessment of the economic situation, and did not reflect political pressure. With the Sanae Takaichi government confirming policy continuity, the yen may continue to face downward pressure in the foreign exchange market. If the Bank of Japan continues to favor a gradual pace of interest rate hikes, it is expected to decide on a rate increase at its December policy meeting.October 30th, Futures News: Economies.com analysts latest view: Brent crude futures fell in the previous trading day, a move aimed at preparing for new bullish momentum to help prices recover and resume their upward trend. Meanwhile, the market is attempting to resolve the overbought condition indicated by the Relative Strength Index (RSI), especially given the negative signal from the indicator. The current short-term pattern remains dominated by a bullish corrective wave, with prices dynamically stabilizing above the 50-day exponential moving average forming key support, which enhances the likelihood of a rebound in oil prices in the subsequent period.On October 30th, HSBCs Chief Asia Economist, Fred Neumann, stated that the Bank of Japan (BOJ) is cautiously moving towards an interest rate hike. With persistently high inflation, a robust economy, and accelerating fiscal tailwinds, the question is no longer whether to raise rates, but when. Although the market has postponed its expectations for a tightening of monetary policy by the BOJ, officials may choose to act sooner rather than later. Volatility in the government bond market and unstable exchange rates also indicate that financial markets are seeking an anchor point; a timely rate hike by the BOJ would help stabilize price expectations. Having missed the opportunity to raise rates in October, market attention has turned to December, when action seems more likely.

Stock Markets Continue to Put Up a Fight

Cory Russell

Jul 18, 2022 15:12

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Weekly Technical Analysis for the S&P 500

The S&P 500 has declined considerably over the last week, but it's important to remember that the previous three candlesticks have all been hammers, which does indicate that a balance or perhaps a breakout to show signs of life is very approaching. Having said that, I believe the market will, more often than not, exhibit a scenario in which there will be a brief rebound and maybe a bid to test the 4200 level. If we could break through the 4200 level, which has served as a big area of resistance as well, the general trend would alter.


On the other side, this market is likely to crash very severely if we reverse course and break down below the 3640 level and, therefore, the 200 day EMA. Given everything being equal, I think this market is a touch oversold, so a little rebound makes some sense. The market will likely continue to be choppy and noisy, and you should be concerned about the fact that we are almost certainly heading into a recession, despite what some people on Wall Street would have you believe. Keep in mind that we are about to enter the earnings season, so you need to pay close attention to pre-market volatility.


In the end, I believe fading rallies will continue to be effective, but we must wait for those rallies to take place in order to get some opportunity and a better risk-to-reward ratio.

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