EUR/USD 1.17797
0.486%
Gold 4723.80
0.784%
Oil 92.012
-2.817%
USD/JPY 156.725
-0.130%
GBP/USD 1.36276
0.570%
GBP/JPY 213.582
0.450%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On May 10, Hong Kong Financial Secretary Paul Chan Mo-po published a blog post stating that the Guangdong-Hong Kong-Macao Greater Bay Area possesses three advantages: cutting-edge artificial intelligence research and development, a complete high-end manufacturing chain, and an international financial hub. These advantages enable Hong Kong to play two key roles during the 15th Five-Year Plan period: industrial synergy and regulatory alignment. With the three regions of Guangdong, Hong Kong, and Macao working together to develop "Greater Bay Area Standards," Hong Kong will become the "international interface" for emerging industries to establish themselves in the Greater Bay Area, as well as a platform for exchange and conversion between national and international standards.On May 10th, the cruise ship "Hundius," which was involved in a Hantavirus outbreak, arrived in the waters of Granadilla, Tenerife, Spain, in the early hours of the 10th. According to data released by the World Health Organization on May 8th, as of that day, a total of 8 cases had been reported, including 3 deaths; 6 cases were laboratory-confirmed as Hantavirus infection, specifically Andean virus, a member of the Hantavirus family. It is understood that one of the infected individuals was a doctor on board. Meanwhile, some passengers questioned the cruise ships response to the outbreak. Passenger Ruchi Genette stated, "Having only one doctor on board is simply not enough, and that doctor later also contracted the virus." He believes that the cruise ships health screenings before passenger boarding should have been more rigorous, and that the level of attention paid to the risk of the outbreak was insufficient.According to Irans Tasnim News Agency, an Iranian military spokesman said that countries that comply with US sanctions against Iran will "face difficulties when crossing the Strait of Hormuz."UK Maritime Trade Operations Office: No environmental impact reported.Saudi Aramco: The East-West oil pipeline is now operating at full capacity, with a capacity of 7 million barrels per day.

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.

Suggestion