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A fire has broken out at an oil refinery in Russias Bashkortostan and firefighting is underway, with the production site suffering minor damage, the regional governor said.British retailer Sainsburys confirmed it is in discussions to sell its Argos subsidiary to JD.com (JD.O).The Cyberspace Administration of China is soliciting public opinions on the "Regulations on Promoting and Standardizing the Application of Electronic Documents (Draft for Comments)".On September 13th, Trump released a letter to all NATO nations and the world. He stated, "I am ready to impose significant sanctions on Russia when all NATO nations agree and begin taking the same actions, and all NATO nations stop buying Russian oil." As you know, NATOs commitment to "winning this war" is far from 100%, yet some countries are still buying Russian oil, which is truly shocking! This significantly weakens their negotiating position and leverage with Russia. This is not Trumps war (if I were president, this war would never have happened!), but Biden and Zelenskys war. My sole purpose is to help end this war and save tens of thousands of Russian and Ukrainian lives. If NATO does what I say, this war will end quickly, and all these lives will be saved!On September 13, Russian Permanent Representative to the United Nations Vasily Nebenzya revealed on the 12th that Poland acknowledged that a drone that recently entered Polish airspace may have originated from Ukrainian territory, stating that it was no secret that Ukraine "has been attempting to expand the geographical scope of the Russia-Ukraine conflict." This statement further complicates the Polish version of the Russian drones entry into Polish airspace. Several European and American experts, scholars, and politicians speculated that there may be a hidden story behind this incident.

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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