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Japans Reuters Tankan Manufacturing Sentiment Index for June was 13, down from 8 in June.Japans Reuters Tankan non-manufacturing business sentiment index for June was 32, down from 29 in the previous month.1. The three major U.S. stock indexes closed mixed. The Dow Jones Industrial Average rose 0.64% to 51,999.67 points, continuing to set new record highs. The S&P 500 fell 0.57% to 7,511.35 points, and the Nasdaq Composite fell 1.15% to 26,376.34 points. JPMorgan Chase rose more than 3%, and Visa rose nearly 3%, leading the gains in the Dow. The Wind U.S. Tech Big Seven Index fell 0.37%, Nvidia fell more than 2%, Tesla fell more than 1%, and SpaceX rose 4.77%, closing with a market capitalization of $2.65 trillion, surpassing Amazon to become the worlds fifth-largest listed company. 2. The three major European stock indexes closed slightly higher. The German DAX rose 0.07% to 24,910.41 points; the French CAC40 rose 0.75% to 8,447.27 points; and the UK FTSE 100 rose 0.61% to 10,494.21 points. 3. International precious metals futures closed mixed. COMEX gold futures rose 0.03% to $4,353.00 per ounce, while COMEX silver futures fell 0.08% to $70.12 per ounce. 4. The most active US crude oil contract closed down 5.11% at $76.62 per barrel; the most active Brent crude oil contract fell 4.61% to $79.34 per barrel.Market news: General Motors has begun discussions with Raytheon Technologies and L3 Harris regarding increasing arms production.June 17th - According to foreign media reports on the 16th, the memorandum of understanding reached between the United States and Iran includes a $300 billion private fund aimed at stimulating investment in Iran, with more than half of the amount already pledged. The report, citing sources, stated that the fund aims to "provide economic incentives for both sides to facilitate a final agreement," and is a "private investment vehicle" that does not include any government funds or grants. Currently, companies headquartered in the United States, Gulf states, and Asia, South America, and Africa have pledged funds, covering sectors such as energy, logistics, manufacturing, and transportation.

S&P 500 Price Forecast – Memorial Day Produces a Quiet Futures Market

Skylar Shaw

May 31, 2022 14:53

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S&P 500 Technical Analysis

Monday's S&P 500 futures reached the 50 Day EMA. We've pulled back to create a shooting star. I wouldn't read too much into the candlestick, but it does signal that continuing straight up from here will be harder than some expected. I believe it's just a matter of time until we sell down, and there's not much going on that tells me the market surge should continue.


Bond rates have fallen, which is a comfort, but the market will soon realize that people are purchasing bonds for safety, which is why yields are down. Various economic conditions haven't improved, either.


I believe we just saw a nasty bear market rally. If we break below 4150, the first selling opportunity appears. Below 4100, I expect heavy selling.


The market might reach 4300 without any fundamental change. At that moment, the 200 Day EMA comes into play. Several weeks ago, there was a selling "shelf" at 4300.

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