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According to LSEG IBES analyst forecasts, European companies expect second-quarter earnings to grow by 14.5%, while revenue is expected to decline by 11.4%.According to Reuters data, the discount of Dubai spot crude oil to swap prices has widened to more than $4 per barrel, the largest discount since May 2020.On July 2, the Ministry of Natural Resources issued a legal commentary on the announcement by Japan and the Philippines to initiate bilateral maritime boundary delimitation negotiations. The document states that Japan and the Philippines recently announced the commencement of negotiations on the delimitation of their exclusive economic zones and continental shelves in the waters east of Taiwan. China, Japan, and the Philippines are maritime neighbors in this region, and the proposed delimitation area largely overlaps with Chinas exclusive economic zone and continental shelf under international law. This move, without consultation with China, disregards the specific geographical conditions of the region, violates the principles of sovereign equality and good faith under international law, as well as the obligations of cooperation and restraint, constituting an internationally wrongful act. To fulfill their international obligations and assume their national responsibilities, Japan and the Philippines should immediately cease their bilateral maritime boundary delimitation negotiations and actively engage in consultations with China.July 2nd, Futures News: The market is closely monitoring the navigation status and shipping recovery progress of the Strait of Hormuz. Several cargo ships have already transited the strait, but their final unloading destinations are yet to be determined. In the short term, sulfur prices are highly susceptible to various geopolitical developments and information regarding the straits navigability, leading to a cautious trading atmosphere. Once the sulfur successfully exits the strait, it will be redistributed among various consuming countries globally, leaving uncertainties regarding my countrys import sources. The current tight supply in the spot market has not been substantially alleviated, and most industry players and traders are maintaining a cautious approach.Jun Mimura, Japans top foreign exchange official: No comment on exchange rate levels.

E-mini NASDAQ-100 Threatening to Turn Lower for the Week

Cameron Murphy

Apr 02, 2022 10:36


微信截图_20220402102125.png


Shortly after the mid-session on Friday, June E-mini NASDAQ-100 Index futures were trading lower. The likelihood of increasing interest rates, a difficult bond market recession indicator, and another decline in semiconductor stocks are the drivers for the weakness.


June E-mini NASDAQ-100 Index futures were trading at 14736.50 at 17:18 GMT, down 132.25 or -0.89%. The Invesco QQQ Trust Series 1 ETF (QQQ) is currently trading at $359.00, down $3.54 or -0.98 percent from its previous close.


Investors are pondering the official March jobs report, which revealed that the US economy added 431,000 jobs. The result was lower than Dow Jones's aggregate prediction of 490,000, but higher than some of the lower end estimates. Nonetheless, the figures indicated that the US economy was resilient, sustaining the Federal Reserve's aggressive tightening program.


Stock market traders completely ignored a bond market recession signal that was triggered after the closing bell on Thursday and again on Friday morning. For the first time since 2019, the 2-year and 10-year Treasury rates reversed.


However, after the jobs report confirmed the assumption that the Fed will need to quickly boost rates to control surging inflation, U.S. Treasury yields soared and a frequently monitored portion of the yield curve reinverted.


Meanwhile, chip stocks sank again on Friday, with Intel down more than 4% and Advanced Micro Devices down 2.3 percent, owing to rising concerns about personal computer demand.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is up. The return of the uptrend will be signaled by a trade through 15268.75. The major trend will turn to down if the price breaks through 12942.50.


Although this is exceedingly unlikely, a regular 50 percent to 61.8 percent correction of the recent 10-session surge is possible.


The minor trend is upwards as well. The minor trend will be changed to down if a deal is made through 14433.50. This will change the tide.


16700.00 to 12942.50 is the major range. Earlier this week, the index encountered resistance at 15264.50, which was the top of its retracement zone. At 14821.25, it is currently trading on the downside of the 50% barrier.


12942.50 to 15268.75 is the short-term range. The new downside target is 14105.40 to 13831.00, which is the retracement zone.

Technical Forecast for the Daily Swing Chart

The presence of sellers will be shown by a persistent move below 14821.25. Look for the selling to extend towards the minor bottom at 14433.50 if this move creates enough negative momentum.

If the index can overcome 14821.25 late in the session, it will be in a position to turn higher for the rest of the day.

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