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December 19th - Following the conclusion of an investigation by Italian regulators into alleged unfair business practices, several automakers will begin displaying clearer and more comprehensive information about electric vehicle performance on their websites. Earlier this year, the Italian Competition Authority launched an investigation into companies such as Stellartis (STLA.N), Tesla (TSLA.O), and Volkswagen to review the information these companies provided to consumers regarding electric vehicle range, battery capacity degradation, and standard battery warranty limitations. The regulator noted that the range information displayed on these automakers websites was vague and sometimes contradictory, failing to clearly explain which factors influence the advertised maximum range and the extent to which these factors affect actual range. These websites also failed to provide consumers with clear and complete information about battery capacity degradation due to normal vehicle use and the terms and limitations of standard battery warranties.French Prime Minister: Parliament will be unable to vote on the French budget before the end of this year. Starting Monday, I will meet with key political leaders to discuss the next steps.ECB Governing Council member Rehn: The outlook for economic growth and inflation remains highly uncertain due to the nascent trade war and geopolitical tensions.December 19th - Japanese Economy and Fiscal Policy Minister Minoru Jonouchi stated on Friday that he respects the Bank of Japans decision to raise interest rates to 0.75%, but it is necessary to closely monitor the economic outlook. He said, "In formulating economic and fiscal policies, we believe it is necessary to pay close attention to several factors, such as the impact of US trade policy, the impact of continued price increases on private consumption, and volatility in financial and capital markets." Jonouchi emphasized the importance of continuing to implement appropriate monetary policy to achieve strong economic growth and stable inflation.Polish Prime Minister: We expect to receive more EU agricultural funding in the next budget.

S&P 500 (SPY) Tests Support At 3850

Skylar Shaw

Sep 21, 2022 14:51



Ford backs down as traders worry over lowered guidance


As investors dumped equities ahead of tomorrow's publication of the Fed Interest Rate Decision, the S&P 500 fell approaching the 3850 mark.


Following the company's admission that it was experiencing a components shortage, Ford's stock fell by more than 10% during today's trading session. Ford said that it "expects to have around 40,000 to 45,000 cars in inventory at the conclusion of the third quarter missing specific items currently in limited supply." Ford reiterated its $11.5 billion to $12.5 billion adjusted EBIT target for the whole year. The market, however, is concerned that the business may soon have to reduce its outlook.


The material pressure on gold stocks has increased as gold markets have been approaching annual lows. Newmont Corporation, one of the top gold stocks, fell by more than 4% during today's trade.


Considering that WTI oil managed to go below the $84 mark, energy equities are also declining.


Chevron, Schlumberger, and Exxon Mobil are all down more than 1%.


The majority of the top tech stocks are declining. Apple and Tesla, however, are up by more than 1%.


From a broad perspective, the current downturn is significant, and pressure is seen across all market categories. Prior to the Fed Interest Rate Decision, traders minimize their risks because they are concerned that a rate increase of 75 basis points may be accompanied by hawkish remarks from Fed Chair Jerome Powell. Treasury rates reach fresh highs as bond traders worry Powell will be aggressive.

Another Examination Of The Critical Support At 3850

The S&P 500 is trying to close below the crucial support level at 3850. The S&P 500 will move in the direction of the next support at 3825 if it drops below this level. The S&P 500 will be pushed toward the support at 3800 if a move is made below the support at 3825. The next support level, which is at 3780, will be reached if the S&P 500 drops below 3800.


To the upside, the S&P 500 must hold above the 3885 resistance level in order to have a chance of gaining upward momentum soon. 3900 is where the next resistance level is situated. If this level is successfully tested, the following resistance level at 3920 may then be tested.

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