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The Icelandic government summoned the U.S. ambassador to Iceland after Trump posted a map on social media that included Iceland within the U.S. territory.On September 8th, Futures News reported that Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman reaffirmed their commitment to maintaining market stability, deciding to keep their daily crude oil production quotas for October at the same level determined in September 2026. OPEC+ will continue to hold monthly meetings to monitor market dynamics, with the next meeting scheduled for October 4th, 2026. Previously, the production quotas of these seven OPEC+ countries had increased for six consecutive months, and member countries are still working to determine new production quotas. During these six months, the organization gradually lifted production cuts, and the market still has sufficient capacity to absorb the increased oil supply. However, despite the significant increase in production quotas, the Strait of Hormuz is blocked due to the war between the US and Iran, and Russian crude oil exports are also restricted due to Western sanctions. In other words, since these seven countries crude oil is mainly for export, the increased quotas are meaningless given the export restrictions.September 8th - According to Irans Fars News Agency, the Saudi Ministry of Energy stated that Houthi armed forces launched attacks on energy facilities in southern Saudi Arabia early Tuesday morning, causing fires and temporarily halting operations at some facilities. The attacks reportedly targeted the Saudi Aramco oil refinery in Abha. Simultaneously, reports indicated an attack on Abha airport, and explosions were heard in several areas of southern Saudi Arabia. This is the third attack on Saudi oil facilities in less than 48 hours.September 8th - German exports unexpectedly declined in July, ending a five-month streak of growth and dampening hopes for a rapid recovery in Europes largest economy. German exports fell 0.8% month-on-month in July, contrary to economists previous forecasts of renewed growth. The German Federal Statistical Office said on Tuesday that the decline stemmed from a drop in exports to EU countries. Exports were the main driver of Germanys stronger-than-expected economic performance in the first half of the year. This prompted economists to raise their growth forecasts, with Bundesbank President Nagel previously stating that output could grow by 1% this year, double the rate predicted three months ago. Destatis data showed that exports to the US rose by more than 19% in July, while imports from the US declined. Total German imports also fell, widening the trade surplus to €21.3 billion ($24.8 billion).The most active liquefied petroleum gas (LPG) contract rose 4.00% intraday, currently trading at 6812.00 yuan/ton.

E-mini S&P 500 Index (ES) Futures Technical Analysis – Tech Sector Recovery Helping to Pare Earlier Losses

Cory Russell

Jul 15, 2022 15:14

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A jump in recession worries was sparked by dismal quarterly reports from two major U.S. banks and hotter-than-expected consumer and producer inflation data. As a consequence, September E-mini S&P 500 Index futures are down as of late Thursday, although they are still off their intraday lows.


Following the release of JPMorgan Chase & Co. and Morgan Stanley's second-quarter results, the benchmark index started the cash market with a significant decline. Both disclosed declining profitability and issued warnings about an upcoming economic recession.


September E-mini S&P 500 Index futures are now trading at 3795.50, down 9.0 or -0.24 percent, at 18:04 GMT. This is higher than the day's low of 3723.75. The S&P 500 Trust ETF (SPY) is down $0.44 or 0.12%, trading at 378.39.


Late in the afternoon, losses are being reduced, and the technology sector is now in the black thanks to a recovery in semiconductor prices.

The near future

The response of traders at 3804.50 will probably influence the movement of the September E-mini S&P 500 Index into Thursday's closing.

Positive Scenario

The existence of buyers will be confirmed by a prolonged advance over 3804.50. Look for a probable burst into the minor retracement zone of 3837.00 to 3863.50 if this move generates enough upward momentum. The resistance cluster at 3922.00 is the next possible resistance after this location.


The primary trend will switch to up if a transaction is made through 3922.00. The uptrend will be confirmed by a move through 3950.00, but I won't start getting enthusiastic about the upside until I see a close over the main Fibonacci level at 3988.75.

Grizzly Situation

Sellers will be there if there is a persistent move below 3804.50. The short-term 50 percent mark at 3794.50 must be broken below to signal that the selling is intensifying. This might result in a swift breach into the 3757.75 short-term Fibonacci level. Before the intraday low at 3723.75, this is the final possible support.


The downtrend will be confirmed if 3723.75 is taken out, with 3639.00 serving as the next significant drop objective.

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