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Irans Foreign Minister stated that the US attack on the desalination plant on Qeshm Island was a blatant and heinous crime. Water supplies to 30 villages have been affected. Attacking Iranian infrastructure is a dangerous act with serious consequences. This precedent was set by the US, not Iran.US President Trump: I can tell if a translator is good or bad. I wont spend time learning a language. I will never do that. Just give me a good translator.US President Trump: This week we officially recognized the Venezuelan government, which will boost the sale of Venezuelan gold.Domestic News: 1. The Peoples Bank of China (PBOC) has increased its gold reserves for the 16th consecutive month. 2. The Ministry of Human Resources and Social Security is studying measures to leverage artificial intelligence to create new jobs and empower traditional ones. 3. The State Administration of Foreign Exchange reported that foreign exchange reserves reached $3.4278 trillion at the end of February, up 0.85% from the end of January. 4. The Ministry of Culture and Tourism reported that domestic tourism trips and spending during the 2025 and 2026 Spring Festival holidays will both reach record highs. 5. The National Development and Reform Commission (NDRC) is coordinating the construction of satellite communication, navigation, and remote sensing systems, using scenario expansion as a driving force for low-altitude infrastructure development. 6. PBOC Governor Pan Gongsheng stated that a moderately loose monetary policy will be implemented to maintain relatively loose social financing conditions. 7. Sources indicate that a Philippine aircraft illegally entered the airspace over Huangyan Island, and the Peoples Liberation Army (PLA) warned and drove it away. International News: 1. Ahead of the Japan-US summit, Japan urged the US not to impose additional tariffs. 2. US senators proposed suspending the gasoline tax until October 1st, with a bill potentially submitted next week. 3. A new draft of US AI guidelines allows the government to use AI models from partner companies for any legitimate purpose. 4. MSC: Will impose an emergency fuel surcharge on all cargo shipped from the Mediterranean and Black Sea regions to the Indian subcontinent, the Red Sea, and East Africa. 5. Indian government sources: India will consider purchasing Russian liquefied natural gas if supplies are secured. Some tanker cargoes have already been booked and are planned for pickup at Yanbu port. 6. Iran situation—① Trump: We may increase the military budget to $1.5 trillion. ② Sources say Trump has expressed “strong interest” in deploying US ground troops to Iran. ③ The third US carrier strike group is reportedly to be deployed to the Middle East “soon.” ④ The Iranian stock market will remain closed until further notice. ⑤ Iranian President: Unconditional surrender is absolutely impossible; apologizes to neighboring countries. ⑥ Kuwait Oil Company preemptively cuts crude oil production and refining. ⑦ The Revolutionary Guard claims to have hit a Marshall Islands-flagged oil tanker, a US-owned vessel. ⑧ Trump: Iran will suffer a heavy blow today. Considering expanding the strike range. ⑨ Revolutionary Guard senior official Nakdi: The opportunity to destroy Israel has arrived. ⑩ Iranian military: Any enemy ship entering the Gulf will be sunk.US President Trump: The US war against Iran is "doing a good thing for the world".

S&P 500 (SPY) Stays Close To Yearly Lows

Cory Russell

Oct 13, 2022 16:26

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Traders Continue to Be Nervous Before the CPI Report

The S&P 500 is fluctuating between gains and losses as traders exercise caution ahead of tomorrow's publication of the CPI data.


The PPI data, which revealed a 0.4% month-over-month rise in producer prices in September, was the main topic of discussion among traders today. Producer prices increased by 8.5% on an annual basis as opposed to the expert estimate of 8.4%. The news gave the dollar some support, but it is obvious that traders are not prepared for significant changes before the crucial CPI data.


The price of cruise stocks rose sharply today. In today's trading session, Norwegian Cruise Line, Carnival Corporation, and Royal Caribbean Cruises are all up 8% to 8%. Recently, as traders attempted to gauge the strength of demand in the fourth quarter of this year, cruise stock prices have been very erratic.


Leading tech equities now exhibit varied dynamics. While Meta and NVIDIA are under pressure, Apple, Microsoft, Alphabet, and Amazon are making progress.


From a broad perspective, equities found some support close to their annual lows, but their short-term dynamics will be influenced by tomorrow's CPI data. The market will be greatly affected by inflation statistics because traders continue to fear that an overly active Fed could send the economy into a deep recession.

Tests Support For S&P 500 At 3585

The S&P 500 is now attempting to settle below the 3585 support level. Since the RSI is still in the moderate range, there is still space for more negative momentum to develop should the proper triggers materialize. S&P 500 will head toward the next support at 3560 if it settles below the 3585 level. The S&P 500 will be pushed into the support level at 3525 if the support at 3560 is successfully tested.


To the upside, the S&P 500 must continue to trade above the level of 3585 in order to have a chance of gaining upward momentum soon. 3615 is where the next resistance level is situated. S&P 500 will go toward the next barrier at 3640 if it rises again above this level. If the 3640 level is successfully tested, the resistance at 3675 may then be tested.

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