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July 19 – U.S. Central Command announced that it completed another round of strikes against Iran at 11:30 p.m. (Eastern Time) on July 18, under the direction of the Commander-in-Chief. In the eighth consecutive night of airstrikes, Central Command forces successfully targeted Iranian military coastal surveillance and air defense facilities, naval combat capabilities, and missile and drone storage sites, in an effort to continue weakening Irans military capabilities. The U.S. military also targeted Islamic Revolutionary Guard Corps forces, following their July 17 attack on U.S. service members in Jordan. Currently, more than 50,000 U.S. military personnel, both men and women, are deployed in the Middle East, maintaining a high level of vigilance, focus, lethality, and readiness.According to the New York Post: US President Trump stated that the US strikes prevented Iran from acquiring nuclear weapons. He added that if Iran is not stopped, the region could descend into a wider conflict.July 19 – According to Irans Mehr News Agency, the Iranian militarys public relations department stated that, in response to repeated enemy aggression and attacks on bridges, infrastructure, and demilitarized zones, hours earlier, during the sixteenth phase of Operation Lightning, the Iranian military launched a large-scale drone strike against a US terrorist army ammunition depot at Camp Adir in Kuwait, as well as Patriot radar and air defense radar used by the invading forces at the Ali Salim base in Kuwait. Camp Adir is a key US military base, located 104 kilometers from the Iranian border, and serves as a crucial support and reorganization center for the US military. Disrupting the bases operations will significantly impact US support operations in the region.According to the Iranian news agency IRNA: A magnitude 5 earthquake with a depth of 12 kilometers struck the city of Sarand in Khuzestan province, Iran, a few minutes ago, according to a report from the Earthquake Center of the University of Tehran.The European-Mediterranean Seismological Centre reports a 5.6-magnitude earthquake in central Peru.

S&P 500 Tests Support At 4000 As Risk Appetite Declines

Jimmy Khan

Dec 06, 2022 15:39

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As the ISM Services PMI Report exceeded analyst expectations, stocks are under heavy pressure.


As traders' risk appetite decreased following the release of the better-than-expected ISM Services PMI report, the S&P 500 fell toward the 4000 mark. The unexpected report caused the 10-year Treasury bond yield to increase to 3.60%, which was negative for stocks.


Energy equities, which fell lower as a result of the sell-off in the oil markets, were the main drivers of today's decline. In the energy sector today, Halliburton, Marathon Petroleum, and Marathon Oil were among the greatest losers.


Tech companies, which are sensitive to yield swings, are also under a lot of pressure right now. The heavily tech-focused NASDAQ Composite fell by more than 2%.


Following allegations that the business might reduce manufacturing in China, Tesla's stock fell by 6%. Despite Tesla's denial of the reports, the stock was still under a lot of stress.


Looking at the big picture, the strong PMI report caused a second wave of profit-taking following the robust rise, which drove the S&P 500 from 3500 to 4100.


On Friday, speculators who were ready to wager that the robust rally would continue promptly purchased the retreat. However, the ISM Services PMI report added to stock market pressure, and there are currently no signs of any purchasing activity.

Tests Support At 4,000 for S&P 500

The S&P 500 will advance toward the support at the 20 EMA at 3975 if it is able to settle below the 4000 mark. The S&P 500 will be pushed toward the support of 3960 if it moves below the 20 EMA. The next support level, at 3940, will be reached if the S&P 500 declines below this level.


The prior support level at 4015 will act as the first resistance level for the S&P 500 on the upside. In the event that the S&P 500 returns to being above this point, it will move toward the resistance at 4040. If the resistance at 4040 can be tested successfully, the resistance at 4070 can be tested after that.

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