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According to futures market news on December 24th, as of the week ending December 20th, Japanese commercial crude oil inventories decreased by 264,762 kiloliters from the previous week to 9,958,810 kiloliters. Japanese gasoline inventories increased by 69,303 kiloliters from the previous week to 1,783,685 kiloliters. Japanese kerosene inventories decreased by 118,036 kiloliters from the previous week to 2,154,773 kiloliters. The average operating rate of Japanese refineries was 89.3%, compared to 90.8% the previous week.Sources say BP expects to receive a net gain of approximately $6 billion.Sources say the deal will value Castrol at $10 billion, including debt.Sources say BP (BP.N) is close to reaching an agreement to sell a majority stake in Castrols lubricants division to Stonepeak.December 24th - From January to November, total electricity consumption in China reached 9,460.2 billion kilowatt-hours, a year-on-year increase of 5.2%, of which industrial power generation by enterprises above designated size was 8,856.7 billion kilowatt-hours. By sector, primary industry electricity consumption was 137.4 billion kilowatt-hours, a year-on-year increase of 10.3%; secondary industry electricity consumption was 6,043.6 billion kilowatt-hours, a year-on-year increase of 3.7%, with industrial electricity consumption increasing by 3.9% and high-tech and equipment manufacturing electricity consumption increasing by 6.4%; tertiary industry electricity consumption was 1,820.4 billion kilowatt-hours, a year-on-year increase of 8.5%, with charging and swapping services and information transmission, software and information technology services increasing by 48.3% and 16.8% respectively; and residential electricity consumption was 1,458.8 billion kilowatt-hours, a year-on-year increase of 7.1%.

Price Action Suggests Momentum Shifting to Down

Steven Zhao

Jul 25, 2022 15:57



After the session's midpoint on Friday, September E-mini S&P 500 Index futures started to move down as the benchmark index was hampered by a poor performance in the technology sector. Poor results by Twitter and Snap were the main drivers of the sell-off, which sparked a wave of selling in social media companies.


September E-mini S&P 500 Index futures are now trading at 3949.00, down 52.25 or 1.31 percent, as of 17:53 GMT. The S&P 500 Trust ETF (SPY) is down $5.49 or 1.38 percent, trading at $393.30.


Early in the morning, the market suffered from Twitter and Snap's dismal quarterly sales. By mid-session, Twitter was down 1.2 percent, and Snap's shares had fallen about 40%.


Meta Platform Inc. and Alphabet Inc., two industry leaders in online advertising, saw their shares fall by 7.5% and 5.6%, respectively, hurting the NASDAQ.


According to Reuters, a poll released on Friday revealed that U.S. business activity fell in July for the first time in almost two years, adding to worries about an economy that is being stymied by high inflation, increasing interest rates, and declining consumer confidence.

Swing Chart Technical Analysis for the Day

The daily swing chart indicates that the overall trend is upward. The intraday price movement, however, indicates momentum could be swinging downward.


A move through 4016.25 will indicate that the uptrend has resumed. The primary trend will switch to down if a transaction is made through 3723.75.


The middle range is 4204.75 to 3639.00. The index is now challenging the 3821.75 to 3988.75 retracement range.


The minor range is 3723.75 to 4016.25. A possible objective on the downside is its 50 percent mark at 3870.00.


3639.00 to 4016.25 is the short-term range. The last possible support before the big bottom at 3639.00 is located in its retracement range, which runs from 3815 to 3773.50.

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