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1. International precious metal futures generally closed lower. COMEX gold futures fell 0.85% to $4,267.90/oz, a weekly gain of 6.69%; COMEX silver futures fell 5.01% to $50.63/oz, a weekly gain of 7.15%. Federal Reserve officials reinforced expectations of rate cuts, while cautious stances by European and American central banks boosted golds safe-haven appeal. Uncertainty surrounding the US government shutdown drove capital flows into precious metals. 2. The most active US crude oil contract closed up 0.46% at $57.25/barrel, a weekly loss of 2.80%. The most active Brent crude oil contract rose 0.46% to $61.34/barrel, a weekly loss of 2.22%. Preliminary plans indicate that Angolas crude oil loadings for December will be lower than originally planned for November. Anticipated supply contraction is supporting rising oil prices. 3. Most base metals prices fell in London. LME tin futures fell 2.07% to $35,030/ton, a weekly decline of 3.16%; LME nickel futures fell 1.03% to $15,110/ton, a weekly decline of 1.11%; LME zinc futures fell 1.03% to $2,942.50/ton, a weekly decline of 1.97%; LME copper futures fell 0.38% to $10,607/ton, a weekly increase of 0.85%; LME aluminum futures fell 0.36% to $2,778.50/ton, a weekly increase of 1.11%; and LME lead futures rose 0.31% to $1,971.50/ton, a weekly decline of 2.43%. 4. All three major U.S. stock indices closed higher, with the Dow Jones Industrial Average up 0.52%, the S&P 500 up 0.53%, and the Nasdaq up 0.52%. American Express rose over 7%, and Apple rose nearly 2%, leading the Dow higher. The Wind US Tech 7 Index rose 0.86%, with Tesla up over 2% and Nvidia up 0.79%. Most Chinese concept stocks rose, with Futu Holdings up over 4% and Pony.ai down over 5%. For the week, the Dow Jones Industrial Average rose 1.56%, the S&P 500 rose 1.7%, and the Nasdaq rose 2.14%. 5. Europes three major stock indices closed lower, with Germanys DAX down 1.61%, Frances CAC 40 down 0.18%, and the UKs FTSE 100 down 0.86%. For the week, Germanys DAX fell 1.49%, Frances CAC 40 rose 3.24%, and the UKs FTSE 100 fell 0.77%. 6. US Treasury yields rose across the board, with the 2-year up 4.77 basis points, the 3-year up 4.96 basis points, the 5-year up 5.19 basis points, the 10-year up 4 basis points, and the 30-year up 2.66 basis points.US Vice President Vance: US President Trump has not yet decided to provide Tomahawk missiles to Ukraine.The UK Rightmove average house asking price index fell by -0.1% year-on-year in October, compared with -0.10% in the previous month.The UK Rightmove average house asking price index rose by 0.3% month-on-month in October, compared with 0.40% in the previous month.The Federal Aviation Administration: Flights are experiencing delays due to air traffic control staffing issues in the Dallas, Chicago and Newark areas.

Short SPX: Top Trade Opportunities

Cory Russell

Apr 25, 2022 10:42

The animal spirits that had dominated the stock market for most of the previous year were breaking as 2021 came to a close. The market then collapsed in Q1. Although the recent drop was severe, it was far from savage.


It's possible that the shot across the bow is to blame. The rally, which started in late March, will be closely monitored since it might be a "sucker's rally" rather than a relief rally. If this is the case, Q2 is likely to see a lower high.


Price isn't expected to rise much over 4600, if at all. A rally that extends beyond that point may still fail as a double-top. The market normally does not retrace more than 60-70 percent of the slide off the record high to reach the classic topping sequence of a high, major drop, lower-high before the massive bear market sell-off.

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