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On April 10th, ConocoPhillips (COP.N) announced that it will send a small assessment team to Venezuela this week to evaluate oil and gas business opportunities. The U.S. oil producer left the South American country in 2007 after its assets were nationalized. The company is owed approximately $12 billion (including interest) in arbitration arising from expropriation. ConocoPhillips stated that while working to recover the debt, it will also assess potential new investment projects in Venezuela.1. All three major U.S. stock indexes closed higher. The Dow Jones Industrial Average rose 0.58% to 48,185.8 points, the S&P 500 rose 0.62% to 6,824.66 points, and the Nasdaq Composite rose 0.83% to 22,822.42 points. Amazon rose more than 5%, and Caterpillar rose more than 2%, leading the Dow. The Wind U.S. Tech Big Seven Index rose 1.28%, Facebook rose more than 2%, and Nvidia rose more than 1%. The Nasdaq China Golden Dragon Index fell 1.32%, NIO fell nearly 5%, and Baidu fell more than 4%. 2. All three major European stock indexes closed lower. The German DAX fell 1.14% to 23,806.99 points, the French CAC40 fell 0.22% to 8,245.8 points, and the UK FTSE 100 fell 0.05% to 10,603.48 points. 3. US Treasury yields generally fell. The 2-year Treasury yield fell 1.88 basis points to 3.769%, the 3-year Treasury yield fell 2.22 basis points to 3.786%, the 5-year Treasury yield fell 2.27 basis points to 3.897%, the 10-year Treasury yield fell 1.97 basis points to 4.275%, and the 30-year Treasury yield fell 0.1 basis points to 4.882%. 4. The WTI crude oil futures contract closed up 3.78% at $97.98 per barrel; the Brent crude oil futures contract rose 1.75% to $96.41 per barrel. 5. International precious metals futures generally closed higher. COMEX gold futures rose 0.28% to $4790.50 per ounce, and COMEX silver futures rose 0.12% to $75.47 per ounce. 6. Most London base metals fell, with LME zinc up 0.99% to $3,325.0/ton, LME tin up 0.42% to $47,825.0/ton, LME copper down 0.11% to $12,695.5/ton, LME aluminum down 0.22% to $3,447.5/ton, LME nickel down 0.50% to $17,215.0/ton, and LME lead down 0.82% to $1,925.5/ton.The China Earthquake Networks Center automatically determined that an earthquake of approximately magnitude 4.7 occurred near Hejing County, Bayingolin Mongol Autonomous Prefecture, Xinjiang, at 06:25 on April 10. The final result is subject to the official rapid report.US-Israel-Iran Conflict: ① Iran 1. An Iranian military spokesperson claimed to have shot down at least one of the enemys most advanced fighter jets. 2. An Iranian military spokesperson stated, "We are prepared for a protracted war." 3. The head of Irans forensic organization stated that more than 3,000 people have died nationwide during the conflict. 4. Irans Deputy Foreign Minister stated that Irans participation in negotiations is contingent on Israel ceasing its attacks on Lebanon. 5. Iran decided to fully and formally resume operations for all gold trading units nationwide starting Saturday. 6. Iranian Parliament Speaker Ghalibaf stated that violating the ceasefire agreement would result in clear costs and consequences. 7. A senior Iranian source stated that Irans demands include the US unfreezing Iranian assets within two weeks. 8. Irans Deputy Foreign Minister stated that an Iranian delegation will travel to Islamabad to participate in negotiations. 9. Mojtaba Khamenei posted a message commemorating Irans late Supreme Leader. 10. Iranian officials stated that negotiations would be impossible if Israels attacks on Lebanon continued. 11. The Iranian Revolutionary Guard stated that no (missile) launches were conducted during the ceasefire. 12. Kamal Kharrazi, chairman of Irans Strategic Council on Foreign Relations, died from his injuries. ② United States 1. Trump asked Netanyahu to reduce bombing operations in Lebanon during a phone call. 2. US officials revealed that the State Department will hold a meeting next week to discuss progress in ceasefire negotiations with Israel and Lebanon. 3. The US lost eight Reaper drones in the Middle East this month. 4. US Deputy Secretary of State Landau summoned Iraqi Ambassador to the US Nizar Hirullah today, strongly condemning attacks on US diplomatic personnel and facilities launched by Iraqi militias. 5. Trump said he had asked Netanyahu to be "more discreet" in his actions in Lebanon. ③ Israel 1. Israel Defense Forces: Expanded ground operations in southern Lebanon over the past week. 2. According to Reuters: The Israeli military claims to have killed Hezbollah leader Naeem Qassem, though Hezbollah has not yet confirmed this. 3. Israel launched airstrikes on the town of Mansouri in the Sur region of southern Lebanon. 4. The Israeli security cabinet has reportedly approved the construction of new settlements in the West Bank. 5. Netanyahu: Has instructed that direct negotiations with Lebanon begin as soon as possible. ④ Other situations: 1. Pakistani Ambassador to the United States: Lebanon is part of the ceasefire agreement between Iran and the United States. 2. Spanish Prime Minister: Demands Lebanon be included in the ceasefire. 3. British Foreign Secretary Cooper: Shipping in the Strait of Hormuz must be toll-free. Lebanon must be included in the ceasefire agreement. 4. EU High Representative for Foreign Affairs and Security Policy Karas: The Iranian ceasefire should extend to Lebanon. 5. The Lebanese government has banned non-state weapons in Beirut. 6. Pakistan plans to push for a ceasefire with Lebanon and Yemen, which will be resolved in the US-Iran talks. 7. Houthi leader: The operation will escalate further, and surprise actions may be taken depending on the battlefield situation. 8. Saudi Ministry of Energy: Attacks on oil facilities have reduced daily production by 600,000 barrels. ⑤ Strait of Hormuz 1. Iranian Deputy Foreign Minister: Reports of the Strait of Hormuz being closed are incorrect; passage requires permission. 2. CEO of Abu Dhabi National Oil Company (ADNOC): The longer the Strait of Hormuz remains closed, the more severe the consequences will be: supply disruptions, tighter markets, and rising oil prices. 3. EU: Freedom of navigation means no fees or transit charges. Whether companies pay fees is their own decision. 4. Shipping data shows that in the past 24 hours, one oil product carrier passed through the Strait of Hormuz; two Iranian-flagged oil tankers passed through the Strait of Hormuz; and five bulk carriers passed through the Strait of Hormuz. 5. Russian media: Iran allows no more than 15 ships to pass through the Strait of Hormuz daily. 6. German Chancellor Merz: Germany will support maritime operations in the Strait of Hormuz if authorized. 7. US President Trump: Oil will soon start flowing, with or without Iranian help. Iran had better not collect transit fees from the strait.April 10th - According to information obtained from the Iranian Islamic Revolutionary Guard Corps (IRGC) early on the 10th local time, Iran has not launched any missiles at any country since the ceasefire agreement took effect. In a statement, the IRGC said that several news agencies have reported in recent hours that facilities in some countries along the southern coast of the Persian Gulf have been attacked by drones and missiles, while Iran has not launched any missiles at any country during the ceasefire. If the media reports are true, then "it is undoubtedly the work of the United States or Israel."

S&P 500 Attempts to Stabilize

Skylar Shaw

Jun 21, 2022 14:25

Technical Analysis of the S&P 500

The S&P 500 originally fell during Monday's trading session, but subsequently rallied to reclaim the 3700 level in the futures market. The market may be slightly oversold at this moment, but I believe any rise at this point will be viewed as a shorting opportunity at the first signs of weariness. Rallies are still being viewed with distrust by the market, as they should be. The Federal Reserve will do everything it can to tighten monetary policy, and as a result, prices are expected to fall much more.


The 50-day exponential moving average (EMA) is slightly below 4100 and is declining from there. At this time, it appears that it will swiftly approach the 4000 level, which is the enormous, round, psychologically significant number that many traders are watching. However, given the Federal Reserve's current monetary policy tightening, we're going to see a lot more downward pressure.


Furthermore, profit projections must be written down, something the majority of companies have yet to accomplish.


Finally, we are a little oversold, but that oversold position should provide a wonderful selling opportunity above, so I believe symptoms of fatigue are what you should look for following short-term gains. It's also worth paying close attention to the US dollar, as it will have a significant impact on where we go next, and so I believe the US Dollar Index is probably worth paying close attention to.


Finally, I feel that volatility will continue to be a factor that you should be aware of.