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The commander of the Ukrainian drone force stated that a Ukrainian drone attacked an oil refinery in Taganrog, Russia.On May 30th, the Guangdong Provincial Peoples Government announced on its official website that the "Hong Kong vehicles traveling north" policy will be extended for another five years, until June 1, 2031. It is understood that in May 2023, the "Administrative Measures of Guangdong Province on the Entry and Exit of Hong Kong Motor Vehicles via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge" were published, effective from June 1, 2023, for a period of three years. From 00:00 on July 1, 2023, eligible Hong Kong motor vehicle owners, after obtaining approval from the Hong Kong side through an appointment for border crossing, can drive into Guangdong via the Zhuhai Port of the Hong Kong-Zhuhai-Macau Bridge. Data shows that since the implementation of the "Macau vehicles traveling north" and "Hong Kong vehicles traveling north" policies, the number of Hong Kong and Macau passengers entering and exiting through the port has increased by an average of 34% annually, reaching nearly 18 million in 2025. Border inspection authorities predict that the number of Hong Kong and Macau passengers entering and exiting through the port is expected to exceed 20 million in 2026.May 30th - According to several airlines, fuel surcharges for domestic flight tickets sold starting June 5th, 2026, will be reduced. The adjustment standard for adult passengers is: RMB 150 for routes over 800 kilometers, and RMB 80 for routes of 800 kilometers or less. This represents a reduction of RMB 20 and RMB 10 respectively compared to the previous standards. This reduction in fuel surcharges will, to some extent, lower travel costs for passengers.On May 30th, it was reported that on May 29th local time, the Louisiana Senate passed a new congressional district redrawing bill, splitting a district currently controlled by Democrats and predominantly populated by African American voters. The states Republican Governor Jeff Landry subsequently signed the bill into law. Analysts say that with the midterm elections approaching, the struggle between the Republican and Democratic parties over redrawing congressional districts will intensify.May 30th - According to an AFP report on May 29th, Iranian state media reported on the 29th that Iranian authorities are preparing a "grand" funeral for the countrys assassinated former Supreme Leader Ali Khamenei. The funeral had been long postponed due to Irans war with the United States and Israel. Although the specific date is still uncertain, Iranian state television quoted Mohsen Mahmoudi, head of the Islamic Propaganda Coordination Committee, as saying, "A special headquarters has been established to prepare for the funeral, and various departments are currently making preparations and arrangements." Ali Khamenei, who led Iran for more than 30 years, was killed in the first wave of US-Israeli attacks that began on February 28th. His son and successor, Mojtaba Khamenei, was also injured in the attacks and has not made a public appearance since taking office.

E-mini S&P 500 Index: Tough to Sustain Rally without More Solid Support Base

Cory Russell

May 06, 2022 11:18

Investors are anxious that the Federal Reserve's rate rise would not be enough to contain inflation, and that the US central bank will have to take more harsh measures. After reversing all of yesterday's gains, June E-mini S&P 500 Index futures are trading down late in the afternoon on Thursday.


At 18:29 GMT, June E-mini S&P 500 Index futures were trading at 4125.50, down 169.75 or 3.95 percent. The S&P 500 Trust ETF has dropped 16.77 percent to $412.29.


On Wednesday, the Federal Reserve raised interest rates by half a percentage point, as expected, and Fed Chair Jerome Powell expressly ruled out a 75-basis-point increase at a future meeting.


Only 22 S&P 500 index members were in the green at 18:00 GMT. In addition, all 11 of the major S&P sectors are down, with consumer discretionary leading the pack.

The Daily Swing Chart's Technical Analysis

The primary trend is down, according to the daily swing chart. A move through 4056.00 will herald the resumption of the downtrend. If the price breaks through 4509.00, the primary trend will shift to the upside.


The little declining tendency is still present. Taking out 4303.50 will move the minor trend higher and transfer momentum to the upside.


The minor range is 4303.50 to 4056.00. The 50 percent mark is at 4179.75, which is the nearest resistance. The second closest resistance is a 50% level at 4343.50.

Prospects in the Short Term

The reaction of traders to 4179.75 will likely determine the direction of the June E-mini S&P 500 Index into Thursday's close.

Negative Predictions

A prolonged rise below 4179.75 will signal the presence of sellers. If enough negative momentum develops, expect the selling to extend towards the major bottom around 4056.00.


If 4056.00 is taken out, a quick test of the main bottom at 4020.50 is expected on May 12, 2021. This might be the turning point in a downward trend.

Optimistic Outlook

A sustained move over 4179.75 will show the presence of buyers. If there is enough upward momentum, look for a late-session burst over the resistance cluster around 4282.50 – 4303.50.