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The main contract of the Container Shipping Index (European line) fell 2.00% during the day and is now at 1092.4 points.Japans two-year government bond yield rose to 0.885%, the highest level since June 2008.Market news: Japanese Chief Cabinet Secretary Yoshimasa Hayashi will visit the United States on September 23 to attend the United Nations General Assembly.Futures data from September 19th: COMEX gold futures fell 1.07% to $3,678.2/oz, while SHFE gold futures fell 0.71%. In addition, the US dollar index rose sharply overnight, putting pressure on gold in the short term. The Federal Reserves interest rate cut has been finalized, but economic forecasts have eased market concerns about employment. On Thursday, the Fed cut interest rates by 25 basis points to a range of 4.00-4.25%, as expected. Fed Chairman Powell stated that this was a risk-management cut, and that there was little demand for a 50 basis point cut, arguing that the transmission mechanism of tariffs and inflation has slowed, making the impact less significant. The risk of a slowing job market will be a focus in the future, and the dot plot suggests that two more rate cuts may be expected this year. The Feds mixed signals have increased market volatility. The decline in US stocks has also dampened risk appetite, and gold prices have not yet seen a clear path for rate cuts, leading to a subsequent decline. Based on the dot plot, gold remains bullish, and it remains to be seen whether it will recover its losses.Japanese Finance Minister Katsunobu Kato: I believe the Feds interest rate cut is based on its economic and price conditions.

S&P 500 Price Forecast – Consolidation Continues in the S&P 500 E-mini Contract

Jimmy Khan

Feb 13, 2023 15:16

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S&P 500 Technical Analysis

The S&P 500 E-mini contract has barely gained during Thursday's trading session as we remain in the same trading range that we have been in for the last week or so. Earnings season, which is now underway and is marked by a lot of noise that will continue to cause people issues, is in full swing. A truly strong signal would be a break over the 4200 mark, but I don't see that happening anytime soon since that level looks to be quite resistive. As a result, we are in a situation where, if we break below this level, we can go all the way down to the downtrend line, where the 50-Day EMA is just about to cross the 200-Day EMA.


That area of the golden cross, which also happens to be the 4000 level, is currently seen to represent the short-term "floor in the market" for the S&P 500 E-mini contract. But in the end, I think you have to look at this through the prism of a really erratic and unstable market. Anything lower might trigger a massive selling avalanche. If that's the case, sledding will be difficult, so you should be cautious about the size of your stake. However, it's probably crucial to remember that recent highs have been progressively falling. Something is probably about to happen quickly and soon.


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