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ECB Governing Council member Kochel: Uncertainty and volatility remain high.July 31 – According to data from the Shanghai Municipal Tax Service, value-added tax invoices show that in the first half of the year, sales revenue in traditional industries such as food manufacturing in Shanghai increased by 9.2% year-on-year. Meanwhile, emerging industries maintained rapid growth, with sales revenue in sectors such as intelligent vehicle equipment and robotics increasing by 61.5% and 17.5% year-on-year, respectively.Italys FTSE MIB index rose 1.00% on the day.On July 31, the Ministry of Industry and Information Technology (MIIT) released the economic performance of the telecommunications industry in the first half of 2026. In the first half of the year, telecommunications business revenue totaled 887.3 billion yuan, a year-on-year decrease of 2.1%. The total volume of telecommunications business, calculated at constant prices from the previous year, increased by 7.7% year-on-year. The number of mobile phone users remained stable with slight growth, and 5G users developed rapidly. As of the end of June, the total number of mobile phone users of the three major basic telecommunications enterprises and China Broadcasting Network reached 1.844 billion, a net increase of 17.04 million from the end of last year. Among them, 5G mobile phone users reached 1.288 billion, a net increase of 84.34 million from the end of last year, accounting for 69.9% of all mobile phone users. 5G network construction continued to deepen. As of the end of June, the total number of 5G base stations reached 5.102 million, a net increase of 263,000 from the end of last year, accounting for 39.1% of the total number of mobile base stations, an increase of 0.9 percentage points compared to the first quarter.Royal Bank of Canada: Raises its price target for Amazon (AMZN.O) from $320 to $330.

E-mini S&P: Plenty of Room to Downside with 4129.50 Target

Cory Russell

Apr 26, 2022 11:00

Early Monday, June E-mini S&P 500 Index futures were substantially down as investors responded to a dramatic drop in Asian equities markets. Investors are also anticipating higher interest rates and a flood of earnings reports from key technology firms like Amazon and Apple this week.


June E-mini S&P 500 Index futures are trading at 4233.50, down 33.75 points, or -0.79%, at 08:15 GMT. The S&P 500 Trust ETF (SPY) closed at $426.09 on Friday, down $11.97 or -2.73 percent.

Stocks in Shenzhen, China, are down 6%.

Investors in the United States are keeping an eye on mainland Chinese indices, which are leading the Asia-Pacific region's losses.


The Shanghai composite fell 5.13 percent to 2,928.51, while the Shenzhen component fell 6.08 percent to 10,379.28.


Despite strict lockdowns in Shanghai, China has been trying to manage its deadliest outbreak of COVID-19.


Chinese authorities in Beijing, China's capital, are warning that the virus has been spreading unnoticed for almost a week, adding to the quickly growing sickness.

Looking Forward...

Investors in the S&P 500 are preparing for the busiest week of corporate earnings season yet. This week, over 160 S&P 500 firms are set to report profits, with all attention on reports from large tech giants including Amazon, Apple, Google parent Alphabet, Meta Platforms, and Microsoft.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The resumption of the decline will be signaled by a trade through the intraday low of 4218.50. The major trend will turn to up if the price breaks through 4509.00.


4094.25 to 4631.00 is the short-term range. The market is now trading on the weak side of its retracement zone, which is resistance around 4299.25 to 4362.75.

Technical Forecast for the Daily Swing Chart

Trader response to 4267.25 is expected to impact the direction of the June E-mini S&P 500 Index into Monday's closing.

Bearish Scenario

The presence of selling will be shown by a persistent move below 4267.25. Taking out 4218.50 indicates that the selling pressure is increasing. This might set the stage for a run to the major bottom at 4129.50, followed by a drop to the 2022 low at 4094.25.

Possibilities for Growth

The presence of buyers will be signaled by a prolonged advance over 4267.25. Look for a push into 4299.25 if this develops enough upward momentum. Overtaking this level would indicate that purchasing is becoming more active, with a 50% level at 4262.75 being a possible objective.

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