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Wells Fargo: Extremely bullish on the market outlook, predicting the S&P 500 will surge to 8600-8800 points by the end of 2027.1. The Zaporizhia nuclear power plant lost external power for the 20th time. 2. Zelenskyy threatened Belarus: withdraw border facilities within a week or we will take action ourselves. 3. Ukrainian President Zelenskyy warned that Russia is about to launch a large-scale attack on Ukraine. 4. According to RIA Novosti: Slovakia will meet most of its natural gas needs through supplies from Russia. 5. Ukrainian President Zelenskyy confirmed a drone attack on an oil refining facility in Russias Tumen region. 6. Deputy Chairman of the Russian Federation Security Council Medvedev: There are no longer any rules when dealing with Kyiv. 7. Local governor: Russian troops used glide bombs to attack Zaporizhia in southeastern Ukraine, killing 4 and injuring 6.June 21 (Observer) – British Prime Minister Keir Starmer is expected to resign and announce his departure timetable next Monday, but a government source says Starmer remains focused on his duties. Pressure on Starmers position has been mounting for months and intensified significantly on Friday after his political rival, Andy Burnham, won a seat in Parliament, enabling him to launch a formal leadership challenge. The Observer reports that Starmer is discussing the matter with his wife at his country residence, Chequers, and has not yet made a final decision, but several senior Labour Party members expect him to make a clear statement on his future as early as Monday. However, government sources emphasize that Starmer remains focused on fulfilling his duties as Prime Minister, citing his previous statements as evidence. More than 100 Labour MPs have publicly stated their desire for Starmer to resign or set a clear departure timetable, representing about a quarter of Labour MPs in the House of Commons.According to Reuters, British government sources say that Prime Minister Starmer is focused on fulfilling his duties.June 21st - According to the British newspaper *The Observer*, British Prime Minister Keir Starmer is preparing a timetable for his departure. This comes after Andy Burnham, who suffered a major defeat to the Reform Party in the Greater Manchester by-election and is scheduled to be sworn in as a Member of Parliament next Monday. His supporters claim that if Starmer does not resign, Burnham has secured the support of over 201 Labour MPs to challenge him for leadership. This number exceeds half of the Labour Party in Parliament, meaning Starmer can no longer demonstrate his confidence in the House of Commons to the King. It is reported that after several rounds of discussions with cabinet ministers, Downing Street advisors, union leaders, and party donors, Starmer has concluded that his position in power is no longer secure. Senior Labour figures believe that Starmer may issue a "clear statement" as early as Monday. A Labour MP close to Starmer said: “He has come to terms with reality. As he said, preventing ‘chaos’ is no longer possible by staying in office, so there is only one option left. I think he has seen it as a responsible choice for the country and the party.” Another senior Labour figure said that Starmer now appears to have “accepted” the reality of his resignation.

Bulls in the E-mini S&P 500 Face a New Obstacle at 4447.25

Larissa Barlow

Apr 14, 2022 10:08

June E-mini S&P 500 Index futures are trading higher late Wednesday, boosted by a comeback in market-leading growth firms after investors absorbed strong inflation data and mixed quarterly profits.

Earnings Results Are Contradictory 

JPMorgan Chase & Co. kicked off the first-quarter earnings season with a 42 percent decline in quarterly profit. The largest US lender's disappointing results pushed its shares down 3.2 percent.

 

On the plus side, Delta Air Lines' profits exceeded forecasts, and the airline anticipated a current-quarter profit return due to "historically high" demand. According to Reuters, the 5.9 percent share increase was contagious; the larger S&P 1500 airline index increased 6.5 percent.

 

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Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the primary trend is downward. A break of 4382.25 will indicate the resumption of the decline. A break of 4588.75 will reverse the overall trend to the upside.

 

4800.00 to 4094.25 is the primary range. The next target range on the upside is its retracement zone between 4447.25 and 4530.50. A minor pivot point is located inside this zone at 4506.75. This is also a possible source of resistance.

 

4094.25 to 4631.00 is the short-term range. Support is located in the retracement zone between 4362.50 and 4299.25. This zone is dictating the index's near-term direction.

Technical Forecast for the Daily Swing Chart

Early Thursday, the direction of the June E-mini S&P 500 Index is likely to be dictated by market reaction to the primary 50% level at 4447.25.

Scenario of Bullishness

A prolonged move over 4447.25 will signal that buyers are present. If this move gains sufficient near-term momentum, expect for buying to extend into 4506.75 to 4530.50.

 

Due to the fact that the primary trend is downward, traders must keep an eye out for sellers. They may attempt to produce a secondary lower top that is potentially bearish.

Scenario of the Bear

A continuous decline below 4447.25 indicates the existence of sellers. If this generates sufficient downside momentum, expect selling to extend towards yesterday's low at 4382.25, followed by the short-term retracement zone between 4362.50 and 4299.25.

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