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July 30th - US semiconductor stocks extended their gains, with the Philadelphia Semiconductor Index rising 9% and the Nasdaq Composite Index currently up 2.6%. Micron Technology (MU.O) surged over 16%, AMD (AMD.O) rose over 15%, and Intel (INTC.O) climbed over 14%.U.S. EIA natural gas inventories for the week ending July 24 were 28 billion cubic feet, compared to an expected 35 billion cubic feet and a previous reading of 32 billion cubic feet.World Trade Organization: Brazil has filed a dispute settlement lawsuit over US tariffs.On July 30, the Thailand Futures Exchange issued an announcement stating that due to a 2.50% drop in the USD/JPY futures trading price compared to the most recent settlement price, and in accordance with the guidelines for suspending trading of derivatives due to triggering daily price fluctuation limits, the Thailand Futures Exchange decided to temporarily suspend futures trading of this currency pair from 21:04:41 local time, and resume formal trading at 21:06:41.On July 30th, after the Bank of England kept interest rates unchanged and stated that domestic inflationary pressures were easing, UK short-term government bonds saw their biggest single-day gain in over a month. The yield on the most sensitive monetary policy gilt fell 11 basis points to 4.34%, the largest single-day drop since June 12th. Bank of England Governor Bailey stated at a press conference that he did not want people to "leave the meeting with the impression that the committee is gradually moving towards raising interest rates," after which UK government bonds further extended their gains. Influenced by the Bank of Englands dovish stance, the money market expects the Bank of England to raise interest rates by a cumulative total of about 32 basis points by the end of this year, lower than the 38 basis points before the decision was announced. The markets probability of a rate hike at the September meeting has also fallen from nearly 60% to less than 40%. James Lynch, portfolio manager at Aberdeen Asset Management, said, "The threshold for a Bank of England rate hike is very high." He expects the Bank of England to keep interest rates unchanged for the remainder of the year. He stated that Bailey was "more definitive than I expected."

E-mini S&P 500 Index (ES) Futures Technical Analysis

Jimmy Khan

May 16, 2022 10:35

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Following a solid cash market finish, June E-mini S&P 500 Index futures are trading higher late in the session on Friday. Following up on Thursday's comeback bounce, the move shows follow-through purchasing. The recent price action is symptomatic of short-covering as buyers attempt to prevent the benchmark index from plunging into bear market territory, with the fundamentals remaining negative and the daily chart pattern looking awful.


In the cash market, the S&P 500 had its best day since May 4 on Friday. Despite these advances, the index dropped 2.4 percent, marking the longest weekly loss streak since 2011.


Consumer discretionary and information technology gained 4.1 percent and 3.4 percent, respectively, to lead the S&P 500 sectors higher. With over 95% of the S&P 500 closing the day in the green, it was a broad-based rally.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through 3855.00. The major trend will turn to up if 4303.00 is broken.


4303.00 to 3855.00 is the minor range. The first probable upward target range is the retracement zone between 4079.00 and 4132.00.


3855.00 to 4036.00 is a second minor range. The closest intraday support is at 3945.50, which is the pivot's pivot.

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