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November 15th - Stephen Innes, Managing Partner of SPI Asset Management, stated that with the US government reopening, a backlog of important data will be released, including employment and inflation indicators, which the market expects to be weak. Weaker US data could depress US Treasury yields, reigniting market expectations for an interest rate cut in early 2026 and providing room for a rebound in gold prices, which have been squeezed by rising real yields. The recent pullback in gold prices appears more like position adjustments than a trend reversal. The outlook for gold remains positive, and investors will closely watch US real yields, a weaker dollar, and upcoming data. If the data points to a cooling US economy, gold could rebound next week.November 15th - According to the Financial Times, Apple (AAPL.O) is accelerating its succession planning, preparing for Tim Cook to potentially step down as CEO as early as next year. Multiple sources familiar with internal discussions revealed that Apples board and senior management have recently expedited preparations to welcome Cooks departure. John Ternus, Apples senior vice president of hardware engineering, is widely considered Cooks most likely successor, but a final decision has not yet been made. Sources close to Apple indicate that this long-awaited transition is not due to the companys current performance, as Apples iPhone sales season at the end of this year is expected to be very strong. If a successor is announced early next year, the new leadership team will have time to establish themselves before Apples key annual events, including the Worldwide Developers Conference (WWDC) in June and the iPhone launch event in September.According to the Financial Times, Apple (AAPL.O) is preparing for Tim Cook to step down as CEO as early as next year, with John Ternus, the companys senior vice president of hardware engineering, widely considered the most likely successor.According to the Financial Times, Apple (AAPL.O) is stepping up its planning for a successor to CEO Tim Cook.On November 15th, the European Parliament adopted its position paper on amendments to the European Climate Law on the 13th, supporting the addition of a legally binding 2040 mid-term climate target to the existing EU climate law. The position paper requires the EU to reduce net greenhouse gas emissions by 90% from 1990 levels by 2040, while also supporting the European Commissions proposal to introduce flexibility in achieving the target. The European Parliament stated its support for member states to offset emissions reductions of up to 5% of their 1990 emissions by purchasing international carbon credits from other partner countries starting in 2036. The European Parliament also advocated for incorporating permanent carbon removal into the EU Emissions Trading System, in addition to existing reduction methods, to offset some emissions that are difficult to reduce.

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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