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November 29th - European Central Bank President Christine Lagarde stated that current interest rates are in an appropriate range and the ECB is fully prepared for policy changes. "In my view, the interest rate levels set at the previous meetings were appropriate," Lagarde said in an interview. "Given that the inflation cycle is under control, we remain in a favorable position." When discussing risks to the inflation outlook, she noted that the scope of risks has narrowed, but if the US imposes additional tariffs or supply chains are disrupted again, prices could face renewed upward pressure.The Federal Reserve accepted a total of $7.561 billion from eight counterparties in its fixed-rate reverse repurchase operations.Iranian Foreign Minister Karas emphasized the importance of Iran maintaining contact and consultations with European parties to exchange views on the regional and international situation.Iranian Foreign Minister and EU High Representative for Foreign Affairs and Security Policy Karas discussed Iran-EU relations, regional and international situations.According to the U.S. Energy Information Administration (EIA), U.S. crude oil exports rose to 4.159 million barrels per day in September (up from 3.52 million barrels per day in August), gasoline exports fell to 772,000 barrels per day (up from 790,000 barrels per day in August), distillate fuel exports fell to 1.37 million barrels per day (up from 1.395 million barrels per day in August), and total refined product exports rose to 3.21 million barrels per day (up from 3.135 million barrels per day in August).

S&P 500 Price Forecast – Stock Market Rallies Heading Toward CPI

Steven Zhao

Jan 12, 2023 15:42


Technical Analysis of the S&P 500

Even though the critical CPI statistic is out on Thursday, the S&P 500 has surged pretty substantially in the early hours of Wednesday. To be very honest, it seems that many traders are actively attempting to "front run the Fed," which is nothing new. However, given where we are on the chart, it could be challenging to go through this threshold. Given that the 200-Day EMA is barely above, there will undoubtedly be some attention given to this scenario. A significant downtrend line and the 4000 level are both possible tangles after a break above the air.


Keep in mind that Wall Street, which is seeking for low-cost financing, seems to be depending on the notion that the Federal Reserve would provide some kind of relief. For the last 14 years or more, that has been the whole game: making quick, easy money. Because the Federal Reserve is to blame, they will inevitably have to adopt an extremely hostile and pessimistic tone. Although it seems that everyone is ready to disregard it for the time being, it is coming near to the inflation level, which will almost certainly startle the market once again.


Having said that, we have a good chance of reaching 4200 if we manage to break above the downtrend line. The Wall Street traders are really skilled at creating stories, so as soon as they receive the shot, there will be some other tale to listen to. That is an area where I would also anticipate seeing a lot of opposition.

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