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Market news: Refueling restrictions have been implemented at four Italian airports.April 5th - According to Turkeys semi-official Anadolu Agency, the Kuwaiti Ministry of Finance stated on Sunday that the Iranian drone attack on Saturday night caused significant property damage to a complex in Kuwait City, but no casualties. The statement said that the emergency response team and relevant authorities acted swiftly according to established procedures to handle the incident. Employees will work remotely on Sunday, with on-site work resuming on Monday, at which time preventative measures will be implemented.April 5th - Today is the second day of the Qingming Festival holiday. The national railway system is expected to transport 14.7 million passengers, with 768 additional trains planned. From April 3rd to 7th, the national railway system is expected to transport a total of 90.5 million passengers. Regarding road travel, the Ministry of Transport reports that the volume of passenger vehicles on national expressways is expected to exceed 54 million, of which approximately 14 million are new energy vehicles. Today, road travel will primarily consist of short-distance trips, with increased visitor flow to parks, suburban tourist attractions, and cemeteries, putting significant pressure on surrounding roads.April 5th - According to the South China Morning Post, Thailands multi-billion dollar fishing industry has been severely impacted by soaring diesel prices caused by Irans blockade of the Strait of Hormuz in retaliation for attacks by the United States and Israel. The National Fisheries Association of Thailand reports that half of Thailands massive deep-sea fishing fleet is already anchored in port. The association warns that without government intervention, the remaining vessels will soon cease operations. This could be disastrous for an industry involving hundreds of thousands of people, from deep-sea fishermen to high-end restaurants. Boat owners say they are facing unprecedentedly high prices for diesel fuel needed for their fleets. Last week, diesel prices exceeded 45 baht (US$1.38) per liter, more than 30% higher than pre-war levels. They also still need to pay crew wages.April 5th - Economists say the sudden surge in gasoline prices, felt by American consumers, will be fully reflected in key inflation data released this week. The US March CPI is expected to rise 1% month-over-month, the largest monthly increase since 2022; core CPI is likely to rise 0.3% month-over-month. The Iran war previously pushed up gasoline prices at US gas stations by about $1 per gallon. The day before the CPI data release, the Federal Reserves preferred inflation gauge will provide information on pre-war price pressures. Economists expect the core PCE price index to rise 0.4% for the third consecutive month in February, suggesting that even before the conflict, the process of inflation falling back to a more moderate level had stalled. Combined with signs of stabilization in the US labor market, persistent price pressures, and new inflationary risks from the Middle East war, this helps explain why the Federal Reserve may find it difficult to lower interest rates this year.

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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