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On July 29, according to Irans Fars News Agency, citing Israels Channel 12, Israeli and UAE officials recently held several secret meetings in an unnamed third country to discuss coordinating their positions on Iran and taking joint action in the international arena. The report stated that during the talks, the UAE strongly opposed the US-Iran memorandum of understanding, arguing that while the agreement might buy Iran time to improve its economic situation, it offered no substantial concessions. The two sides also discussed coordinating measures against Iran within international organizations, but agreed that any action would require prior consultation with the Trump administration. The report cited Western diplomatic sources as saying that the UAEs stance on Iran is tougher than some Gulf states, and that its ability to export energy through alternative routes strengthens its shared interests with Israel in dealing with the Iranian issue.On July 29th, according to The Information, Google (GOOG.O) disclosed last week that it has agreed to assume up to $44 billion in third-party data center lease payments in the event of tenant defaults. This figure is an increase from $6.5 billion at the end of September, reflecting Googles efforts to provide its AI chip alternatives to Nvidia to companies like Anthropic. It is understood that Google has assumed these commitments, known as "backup guarantees," to scale its TPU sales. Two sources revealed that Google assumed these commitments based on the consideration that the revenue generated from TPU sales would exceed the financial obligations arising from guaranteeing data center leases to accommodate these chips. One source stated that company executives were confident this financial calculation was favorable to Alphabet. The report states that Alphabet has already provided lease guarantees for approximately 2.4 gigawatts of capacity across about ten projects. These projects are currently incomplete, meaning Alphabets guarantees have not yet taken effect.As of the 2:30 closing bell, the main Shanghai gold futures contract fell 0.73% to 882 yuan/gram, the main Shanghai silver futures contract fell 1.43% to 14,016 yuan/kilogram, and the main SC crude oil futures contract fell 2.48% to 527 yuan/barrel.As of the 2:30 closing bell, the main Shanghai gold futures contract fell 0.73%, the main Shanghai silver futures contract fell 1.43%, and the main SC crude oil futures contract fell 2.48%.Israeli Prime Minister Netanyahu: Our goal is the same as Trumps: to prevent Iran from acquiring nuclear weapons.

S&P 500 Continues to Consolidate

Skylar Shaw

Jun 07, 2022 11:42

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The S&P 500 climbed to start the trading week on Monday, as we continue to consolidate just below the 50-day EMA.

Technical Analysis of the S&P 500

In the futures market, the S&P 500 has gained throughout the Monday trading session, with the 4100 level providing solid support. That so, the market will almost certainly continue to face resistance right above the 50-day EMA. The market has been all over the place in recent weeks, so it's not surprising that we're stalled at the present, particularly given the lack of clarity on earnings and the general economic situation.


Yes, things seem to be horrible, but at the end of the day, Wall Street is only concerned about liquidity difficulties and what the Federal Reserve will do. Someone somewhere is beginning the story about possible stimulus, which seems to be the only thing on Wall Street's mind. Between now and Friday, when the next inflationary statistic is out, I believe we will see an effort to gain traction.


The S&P 500 futures market is expected to aim to achieve the 4300 level if we break above the 50 Day EMA. That doesn't mean it'll be easy, and it certainly doesn't mean there won't be any setbacks along the way, if we ever get that far.


On the downside, if we break below the 4070 mark, we might see a move lower over the following several days, perhaps hitting the 4000 level. Having said that, I believe we will see more sideways grinds than anything else during the following several days. If you have a range-bound system, now is the time to put it to good use.

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