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According to Iranian media reports, a power outage occurred in Tehran.The Hang Seng Index turned negative, while the Hang Seng Tech Index fell 0.12%.Iranian missiles have been detected launching toward central Israel.On March 31, it was reported that the Jiangsu Provincial Government held an executive meeting on March 30. The meeting reviewed several measures to accelerate the transformation and upgrading of the provinces construction industry, the guiding opinions on stabilizing the real estate market, the opinions on further improving the investment and financing mechanism to accelerate the construction of expressways and trunk waterways, and the work plan for the special action to address traffic congestion in Jiangsu Province. The meeting also heard a report on the provinces comprehensive governance of the "one-stop" service for new energy vehicle charging infrastructure. The meeting emphasized the need to orderly promote cross-sectoral integration and business expansion of construction enterprises, apply intelligent and green technologies, implement precise policies to stimulate housing consumption, optimize supply, and stabilize expectations, build a diversified and sustainable funding guarantee system for expressways and trunk waterways, focus on optimizing road network structure and traffic service management, and comprehensively improve the safety level of planning, construction, operation, and supervision of new energy vehicle charging infrastructure.March 31 – A symposium on grain trading within the grain and reserve system was held in Nanjing, Jiangsu Province, from March 26 to the morning of March 27. The meeting emphasized the need for a scientific assessment of the new situation and accurate understanding of new changes. It stressed the importance of focusing on the present while considering the future, centering on three core directions: serving macro-control, serving industrial development, and serving market entities. The meeting called for comprehensive and all-round improvement in quality and efficiency, continuously elevating the quality, level, and scope of grain trading work, and providing solid support for consolidating the foundation of food security and achieving a good start to the "15th Five-Year Plan" for grain and reserve work.

E-mini S&P Pressured by Inflation, Economic Growth Worries

Cameron Murphy

Apr 27, 2022 10:35

Investors are waiting to see if earnings from Big Tech companies this week would offer the support needed to stop the current sell-off. June E-mini S&P 500 Index futures are trading lower shortly after the cash market opened on Tuesday. Concerns about high inflation and weakening global economy are driving the price activity.


June E-mini S&P 500 Index futures are trading at 4231.25, down 61.50 or 1.43 percent, at 14:17 GMT. The S&P 500 Trust ETF (SPY) is down $6.31, or 1.47 percent, to $422.20.


According to Refinitiv statistics, 77.5 percent of the 102 businesses in the S&P 500 that reported earnings through Monday exceeded analysts' profit projections. In a typical quarter, 66 percent of results exceeded expectations.

Earnings Reports

United Parcel Service Inc increased 1.9 percent after reporting an increase in quarterly adjusted earnings, while 3M Co rose 0.9 percent after exceeding profit expectations.


General Electric Co slumped 3.5 percent after expecting full-year earnings at the low end of its previous estimate, as the industrial behemoth struggles with supply chain interruptions and rising freight and raw materials costs.


Core Durable Goods Orders in the United States increased 1.1 percent, exceeding expectations and the previous reading. The Consumer Confidence survey from the Conference Board came in at 107.3, lower than the prediction of 108.5, but the preceding report was revised upward. Finally, new home sales came in at 763,000, which was lower than expected. The preceding month's figures were revised upwards.

Technical Analysis of the Daily Swing Chart

According to the daily swing chart, the major trend is down. The return of the decline will be signaled by a trade through 4195.25. The major trend will turn to up if the price breaks through 4509.00.


4094.25 to 4631.00 is the short-term range. Resistance is found in the retracement zone of 4299.25 to 4362.75. Earlier in the session, the bottom or Fibonacci level of this range stopped the purchasing.

Technical Forecast for the Daily Swing Chart

Trader reaction to 4292.75 will influence the direction of the June E-mini S&P 500 Index into Tuesday's closing.

Reaction: Bearish

The presence of sellers will be shown by a persistent rise below 4292.75. If the minor bottom at 4195.25 is broken, it will imply that the selling pressure is increasing. This might cause a sell-off to begin, with the first negative target of 4129.50, followed by 4094.25.

Positive Reaction

The presence of buyers will be signaled by a prolonged advance over 4292.75. Overtaking the Fibonacci level at 4299.25 will signal a strengthening of the buying. This could prompt a move higher, with the primary 50 percent milestone at 4362.75 as the next big objective.

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