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Japans core machinery orders rose 4.2% month-on-month in September, below the expected 2.5% and the previous reading of -0.90%.Japans core machinery orders rose 11.6% year-on-year in September, below the expected 5.4% and the previous reading of 1.60%.According to Fox News: U.S. Treasury Secretary Bessant stated that Trump will meet with three candidates for Federal Reserve Chair after Thanksgiving. I can say with certainty that I will not become the Federal Reserve Chair.According to Fox News: U.S. Treasury Secretary Bessant said that President Trump may announce the next Federal Reserve Chairman before Christmas.1. All three major U.S. stock indexes closed lower. The Dow Jones Industrial Average fell 1.07% to 46,091.74 points, the S&P 500 fell 0.83% to 6,617.32 points, and the Nasdaq Composite fell 1.21% to 22,432.85 points. Home Depot fell 6%, and Amazon fell more than 4%, leading the decline in the Dow. The Wind U.S. Tech Big Seven Index fell 1.82%, Nvidia fell nearly 3%, and Microsoft fell more than 2%. Chinese concept stocks were mixed, with Amer Sports rising more than 8% and Daqo New Energy falling more than 6%. Both the Dow and the S&P 500 recorded their fourth consecutive day of decline. 2. All three major European stock indexes closed lower. The German DAX fell 1.85% to 23,153.92 points, the French CAC40 fell 1.86% to 7,967.93 points, and the UK FTSE 100 fell 1.27% to 9,552.3 points. 3. US Treasury yields fell across the board. The 2-year Treasury yield fell 2.93 basis points to 3.572%, the 3-year Treasury yield fell 4.17 basis points to 3.567%, the 5-year Treasury yield fell 4.02 basis points to 3.686%, the 10-year Treasury yield fell 2.52 basis points to 4.113%, and the 30-year Treasury yield fell 0.20 basis points to 4.733%. 4. International precious metals futures generally closed lower. COMEX gold futures fell 0.17% to $4067.40 per ounce, and COMEX silver futures fell 0.34% to $50.54 per ounce. 5. Rosnefts Ryazan refinery suspended crude oil processing since the November 15 drone attack. The WTI crude oil futures contract closed at $60.57 per barrel; the Brent crude oil futures contract rose 0.93% to $64.8 per barrel. 6. London base metals all fell, with LME aluminum down 0.85% to $2,789.50/ton, LME copper down 0.75% to $10,698.00/ton, LME lead down 0.52% to $2,027.00/ton, LME zinc down 0.12% to $2,990.50/ton, LME tin down 0.07% to $36,860.00/ton, and LME nickel down 0.03% to $14,645.00/ton.

S&P 500 Pulled Back to the 50 Day EMA

Cameron Murphy

Apr 07, 2022 10:38


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S&P 500 Technical Analysis

During Wednesday's trading session, the S&P 500 dropped down strongly to approach the 50 Day EMA. The 50 Day EMA gets a lot of attention, so it's not surprising that there's a little bit of a battle going on right now. Finally, the market is attempting to test the bottom of a bullish flag, so it will be fascinating to watch how this develops. 


It's still possible that we'll see bullish pressure if we recover from this region, but it's also clear that there's a lot of anxiety right now, so it's worth noting that this flag has to be verified at the bottom to turn things around.


The magnitude of the candlestick is now negative, but if we break it below the 50 Day EMA, the market may turn its attention to the 200 Day EMA. A break below the 200-day EMA would be a huge bearish indication, and the market might then go towards the 4200 area. If we turn around and rise from here, on the other hand, the bullish flag is still intact and might draw a lot of attention. 


The market is likely to move considerably higher if we can break over the top of the flag, but it will come down to liquidity more than anything else. Keep an eye on the Federal Reserve, because the more hawkish it sounds, the more Wall Street will erupt.

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