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June 7th - As the conflict with Iran triggers global inflationary pressures, the European Central Bank (ECB) is expected to raise interest rates by 25 basis points next week, becoming the first major central bank among the G7 to tighten monetary policy. Markets anticipate at least one more rate hike this year. In contrast, the Bank of Canada is likely to keep its rates unchanged, while the Federal Reserve and the Bank of England are expected to remain on hold this month, observing the impact of the Iranian conflict. ECB officials aim to ensure that inflation in the Eurozone does not become deeply entrenched, but a rate hike would come at the cost of further dragging down an already weak economy. ECB President Christine Lagarde is likely to provide a clearer signal on the next steps at the press conference following the decision. Meanwhile, the ECB will also release its quarterly economic forecasts, assessing different scenarios of the energy shocks impact on the regional economy.On June 7th, Willie Walsh, Director General of the International Air Transport Association (IATA), stated that rising jet fuel prices are expected to lead to more airline bankruptcies and industry consolidation. He pointed out that a merger between United Airlines and American Airlines is unlikely due to regulatory hurdles. Walsh also stated that once the Middle East conflict subsides, airlines and hubs in the Gulf region will regain market share. Furthermore, despite disappointing progress in clean fuels, IATA remains committed to its 2050 net-zero emissions target.The Russian Ministry of Defense stated that its air defense forces intercepted 339 Ukrainian drones in multiple regions, including Moscow, within 13 hours.On June 7th, local time, the Russian Ministry of Defense stated on the 6th that Russian forces had seized control of the Shevchenko settlement in Kharkiv Oblast and struck 153 areas in Ukraine. These included production, storage, and launch sites for long-range drones; fuel, transportation, and port infrastructure; and temporary deployment points for Ukrainian armed forces and foreign mercenaries. The General Staff of the Ukrainian Armed Forces stated on the 6th that Ukrainian forces attacked targets including Russian personnel assembly areas, drone control points, and artillery systems.Ukrainian Foreign Minister Kuleba: Russian forces attacked two civilian search and rescue vessels in Ukrainian waters, causing casualties.

Stock Market Forms Shooting Star for the Week

Cory Russell

Apr 02, 2022 11:41


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S&P 500 Weekly Technical Analysis

During the week, the S&P 500 surged and even broke above a huge double top before turning around and showing indications of trepidation. The formation of the shooting star suggests that the S&P 500 is about to start tumbling again. If it does, the 4200 level could be a goal due to the fact that it has previously provided some assistance.


Keep in mind that the stock market has nothing to do with anything other than liquidity and the next move by the Federal Reserve. It's been so long since we've concentrated on the economy that it's tough to recall what it was like to trade based on profitability or growth. With that in mind, we'll have to wait and see what happens with the Fed funds futures rate, because if it continues to rise or remain elevated, equities will suffer. Based on the inflationary challenges, there are doubts about whether the Federal Reserve will continue to tighten. At the end of the day, the only thing that matters to Wall Street is cheap money.


It's possible that if we spin around and break above the top of the shooting star, we'll be able to reach the 4800 level. Following a break above that level, a "buy-and-hold" scenario emerges, most likely shortly after the Federal Reserve caves in to Wall Street. Volatility is probably the only thing you can bank on, in my opinion.


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