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The main contract of SC crude oil fell 4.00% during the day and is now trading at 468.00 yuan per barrel.On May 15, IG Markets analyst Tony Sycamore said that Australias strong employment data in April once again reminded people that the job market is resilient. However, with inflation returning to the RBAs target range, coupled with high tariffs that pose downside risks to global economic growth, the RBA is still expected to cut interest rates at next weeks meeting. Since the release of the employment report, interest rate market traders have slightly reduced the probability of a 25 basis point rate cut next week from 90% to 80%.Sources said Japan is seeking to hold a third round of U.S.-Japan trade talks next week.May 15th, the Asia-Pacific Economic Cooperation (APEC) warned on Thursday that the regions exports will hardly grow this year amid the backdrop of increased tariffs imposed by the United States. At the same time, APEC, which consists of 21 member countries, began its annual trade ministerial meeting. APEC released a regional trend analysis report, predicting that the regions exports will grow by only 0.4% this year, compared with 5.7% last year. APEC also lowered its regional economic growth forecast for this year from 3.3% to 2.6%. "APECs trade growth will decline significantly due to declining external demand, especially for manufacturing and consumer goods, while at the same time, rising uncertainty surrounding commodity-related measures has also put pressure on trade in services," APEC said in a statement.New York gold futures fell 1.00% during the day and are now trading at $3,156.20 an ounce.

S&P 500 Price Forecast – S&P 500 Fails at the 200-Day EMA

Skylar Shaw

Jan 13, 2023 15:57

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Technical Analysis of the S&P 500

Following the release of the consistent CPI statistics, the S&P 500 E-mini contract crossed over the 200-Day EMA during early trading on Thursday. Because the results were as anticipated, speculators are beginning to wager that the Federal Reserve would only increase interest rates by 25 basis points. The looming economic downturn is a fact, therefore over the long run, it is likely to have more of an impact than anything else.


However, the technical barrier has persisted, and traders have responded accordingly. This market is likely to look for the 50-Day EMA, which is close to the 3910 level, if we break down below the daily range. That is highly likely in this situation since volatility is increasing. The 4000 level and the downtrend line just above it will be the next significant obstacles if we do rise from here.


The S&P 500 may very well surge into the 4200 mark if we were to break above that downtrend line.


Although I don't necessarily support it, I can see how it may be done. If everything remained the same, I believe the 50-Day EMA being retested is likely far more probable. The bottom will almost certainly fall out if we break through that level, enabling the S&P 500 E-mini contract to once again dip down to the 3800 level. Giving up on it would obviously be extremely bad and possibly result in a lot of liquidation since that region has had enormous support.

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