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Futures data from October 21st revealed that as of October 20th, the mainstream benzene market in East China closed at 5,535 yuan/ton, down 220 yuan/ton from 5,755 yuan/ton at the beginning of October. Looking at the post-holiday market, major ports in East China maintained a steady pace of destocking in early October, but concerns about crude oil oversupply intensified, with Brent crude futures falling to a five-month low and weakening market sentiment. Coupled with a lack of downstream market support, exacerbating losses, and a lack of new orders from end users, secondary downstream inventories remained high and difficult to reduce, creating significant price transmission resistance. The market may face downward pressure in late October.Futures News, October 21st: Crude oil prices have recently continued to decline, with overall weakness predominating. Market concerns are mounting about a global oil glut. On the one hand, Saudi Arabia has been increasing crude oil production, albeit at a slower pace, but the cumulative increase has been significant. On the other hand, the US has entered its seasonal off-season, resulting in lower oil demand and significant pressure on oil inventory. Zhuochuang Information predicts that the decline in oil prices reflects the realization of some negative factors. The market is focused on the progress of Sino-US trade negotiations. Current market news suggests expectations for a deal are stronger than previously anticipated, potentially providing support for oil prices. Whether this can stabilize remains to be seen.The Hang Seng Tech Index continued its strong performance, rising over 3%. Tech stocks performed strongly, with Bilibili (09626.HK) rising nearly 10%. The Hang Seng Index is now up nearly 2%.On October 21, it was learned from the Ministry of Natural Resources that due to the influence of strong cold air and this years No. 24 typhoon "Fengshen" (strong tropical storm level), the National Marine Forecasting Center continued to issue an orange alert for waves and a yellow alert for storm surges at 08:00 on October 21 in accordance with the "Marine Disaster Emergency Plan".The Hang Seng Tech Index continued to strengthen, rising by more than 2%. Bilibili (09626.HK) rose by more than 6%, leading the constituent stocks. The Hang Seng Index is now up 1.44%.

Stock Markets Await the CPI Figures

Skylar Shaw

Jun 10, 2022 14:36

The Technical Analysis of the S&P 500

The S&P 500 attempted to climb in the futures market on Thursday, but as you can see, we've given up a lot of those gains. As we await the important CPI statistics on Friday, stock markets have sunk a little. The CPI figures will have a significant impact on what people anticipate the Federal Reserve to do in terms of monetary policy. Finally, this market seems to be prepared to maintain its volatility, but once we get this figure, individuals will want to get involved and gamble on rates.


The bond market suggests that speculators are expecting the CPI statistic to be very high, causing the stock market to fall. On the other side, if the figure comes in indicating indications of slowdown, we may be able to push this market over the 4200 level. The 4200 level is now a short-term resistance barrier that the market has been battling. If we can get through that level, the 4300 level will be our next objective and a far more formidable resistant barrier.


If the market falls below the 4070 level, we are likely to see a drop to the 4000 level, and then to the 3900 level. More pressure might lead to a move back to the 3800 level, from where the market has recovered. In any case, I'm not a big fan of the stock market, but it seems like we're moving back and forth and seeking for some kind of directionality in the near run.

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