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Bank of Japan: New board member Ayano Sato will hold a press conference at 8:00 GMT (16:00 Beijing time).As of 8:30 AM Beijing time, spot platinum was up 0.02% and spot palladium was down 0.14%.On June 30th, former Bank of Japan executive director Kenzo Yamamoto stated, "The Bank of Japan is currently in a position where it needs to act quickly." When asked whether the central bank would raise interest rates again in December, as most economists surveyed predicted, Yamamoto said, "Given the current level of monetary easing, the next rate hike is likely to occur before then." Yamamoto pointed out that the banks underlying inflation gauge (excluding special factors such as fresh food and government subsidies) has averaged around 3% over the past four years, well above the central banks 2% target. However, Japans key inflation gauge—the core consumer price index excluding only fresh food—remained at 1.4% in May, mainly due to measures introduced by Prime Minister Sanae Takaichi to alleviate cost-of-living pressures. The Bank of Japan recently stated that price trends remain slightly below 2%. "I would be concerned if the Bank of Japan claimed that its underlying inflation gauge failed to reflect price trends," Yamamoto said. "The Bank of Japan needs to shift its policy focus to curbing inflation."Samsung Electronics is currently up 2%, and SK Hynix is up 1%.June 30th - The British Retail Consortium (BRC) reported that UK food inflation has fallen to its lowest level in 15 months, the latest sign of easing cost pressures that could prevent the Bank of England from raising interest rates. Data released on Tuesday showed that UK food prices rose 2.4% in early June, down from a 2.7% increase the previous month, mainly due to lower inflation for fresh food. Overall retail price increases remained at 1.2%. BRC Chief Executive Helen Dickinson said, "Thanks to a bumper harvest and intense market competition, retailers have helped keep prices for summer treats like strawberries and ice cream low." Private sector surveys and official data showed that overall inflation in the UK economy had been more stable than previously expected before the initial peace agreement between the US and Iran led to a drop in oil prices. Therefore, the market no longer fully expects the Bank of England to raise interest rates this year, whereas previously it had anticipated three to four hikes of 25 basis points each.

E-mini S&P Bulls Facing Next Challenge at 4447.25 – 4530.50

Cameron Murphy

Apr 14, 2022 11:05


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As investors absorbed sizzling inflation data and a mixed bag of quarterly profits, June E-mini S&P 500 Index futures are trading higher late in the session on Wednesday, buoyed by a rally in market-leading growth companies.


June E-mini S&P 500 Index futures were at 4443.50 at 20:22 GMT, up 50.50 or 1.15 percent. The S&P 500 Trust ETF (SPY) is now trading at $443.40, up $5.11 or 1.17 percent from its previous close.

Mixed Earnings Results

JPMorgan Chase & Co kicked off the first-quarter results season on a sour note, citing a 42 percent reduction in quarterly profit. The largest US lender's stock dropped 3.2 percent as a consequence of its disappointing earnings.


Delta Air Lines' earnings above forecasts, and the company forecasted a current-quarter return to profit owing to "historically strong" demand. According to Reuters, the 5.9% share price increase spread to the larger S&P 1500 airline index, which rose 6.5 percent.

Daily Swing Chart Technical Analysis

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through 4382.25. The major trend will turn to up if the price breaks through 4588.75.


4800.00 to 4094.25 is the major range. The next upward target range is the retracement zone from 4447.25 to 4530.50. A small pivot at 4506.75 is located inside this zone. This is also a source of possible opposition.


4094.25 to 4631.00 is the short-term range. Support is seen in the retracement zone of 4362.50 to 4299.25. This region is in charge of the index's short-term direction.

Daily Swing Chart Technical Forecast

Trader response to the major 50 percent milestone at 4447.25 is expected to influence the direction of the June E-mini S&P 500 Index early Thursday.

Possibilities for Growth

The presence of buyers will be shown by a prolonged advance over 4447.25. Look for purchasing to continue into 4506.75 to 4530.50 if this move is able to build adequate near-term momentum.


Because the overall trend is down, traders must keep an eye out for sellers. They might attempt to construct a bearish secondary lower top.

Scenario that is bearish

The presence of selling will be signaled by a prolonged move below 4447.25. Look for the selling to continue through yesterday's bottom around 4382.25, then the short-term retracement zone of 4362.50 to 4299.25 if this provides enough bearish momentum.

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