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US President Trump: There has been no discussion about having Ukraine cede the Donbas region to Russia.US President Trump: Tariff rates on Colombia will be announced tomorrow.1. International precious metal futures generally closed lower. COMEX gold futures fell 0.85% to $4,267.90/oz, a weekly gain of 6.69%; COMEX silver futures fell 5.01% to $50.63/oz, a weekly gain of 7.15%. Federal Reserve officials reinforced expectations of rate cuts, while cautious stances by European and American central banks boosted golds safe-haven appeal. Uncertainty surrounding the US government shutdown drove capital flows into precious metals. 2. The most active US crude oil contract closed up 0.46% at $57.25/barrel, a weekly loss of 2.80%. The most active Brent crude oil contract rose 0.46% to $61.34/barrel, a weekly loss of 2.22%. Preliminary plans indicate that Angolas crude oil loadings for December will be lower than originally planned for November. Anticipated supply contraction is supporting rising oil prices. 3. Most base metals prices fell in London. LME tin futures fell 2.07% to $35,030/ton, a weekly decline of 3.16%; LME nickel futures fell 1.03% to $15,110/ton, a weekly decline of 1.11%; LME zinc futures fell 1.03% to $2,942.50/ton, a weekly decline of 1.97%; LME copper futures fell 0.38% to $10,607/ton, a weekly increase of 0.85%; LME aluminum futures fell 0.36% to $2,778.50/ton, a weekly increase of 1.11%; and LME lead futures rose 0.31% to $1,971.50/ton, a weekly decline of 2.43%. 4. All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.52%, the S&P 500 up 0.53%, and the Nasdaq up 0.52%. American Express rose over 7%, and Apple rose nearly 2%, leading the Dow higher. The Wind US Tech 7 Index rose 0.86%, with Tesla up over 2% and Nvidia up 0.79%. Most Chinese concept stocks rose, with Futu Holdings up over 4% and Pony.ai down over 5%. For the week, the Dow Jones Industrial Average rose 1.56%, the S&P 500 rose 1.7%, and the Nasdaq rose 2.14%. 5. Europes three major stock indices closed lower, with Germanys DAX down 1.61%, Frances CAC 40 down 0.18%, and the UKs FTSE 100 down 0.86%. For the week, Germanys DAX fell 1.49%, Frances CAC 40 rose 3.24%, and the UKs FTSE 100 fell 0.77%. 6. US Treasury yields rose across the board, with the 2-year up 4.77 basis points, the 3-year up 4.96 basis points, the 5-year up 5.19 basis points, the 10-year up 4 basis points, and the 30-year up 2.66 basis points.US Vice President Vance: US President Trump has not yet decided to provide Tomahawk missiles to Ukraine.The UK Rightmove average house asking price index fell by -0.1% year-on-year in October, compared with -0.10% in the previous month.

S&P 500 Choppy Ahead of the FOMC Press Conference

Skylar Shaw

May 05, 2022 10:37

Technical Analysis of the S&P 500

The S&P 500 first attempted to advance during Wednesday's futures market trading session, and it seems that the 4200 level above will continue to act as a bit of barrier. If we can break through the 4200 mark, we'll most likely target the 4300 level. 


The 4300 level is a big, round number with psychological significance. That is a major barrier, and breaching over it would impact the market's general attitude, as it would continue to confirm the enormous hammer that we established throughout the trading session on Monday.


If we break below the bottom of the hammer from Monday's session, we'll most likely target the 4000 handle. Because of the headline noise, the 4000 level underneath it will get a lot of attention, but I believe we will begin to accelerate to the downside at that point. Whatever the case may be, I believe a lot of it boils down to what the Federal Reserve says, and maybe more significantly, how the market interprets it.


Because we will have just completed what is expected to be the largest event for the market this month, the market is likely to experience a strong and impulsive move at this moment. Regardless, there are clearly many fears out there, and unless Jerome Powell can soothe the market jitters, things might become nasty very quickly.

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