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On January 29, the office of U.S. Trade Representative Greer stated on Wednesday that Greer and Mexican Economy Minister Marcelo Ebrard agreed to begin formal consultations on potential reforms to the United States-Mexico-Canada Agreement (USMCA). In a statement, the USTR indicated that potential reforms to the USMCA under joint review include: strengthening rules of origin for industrial goods, enhancing cooperation in key mineral sectors, increasing protections for workers and producers, and joint efforts by the U.S. and Mexico to combat “the ongoing dumping of manufactured goods in the region.” The USTR did not disclose a specific timeline for the negotiations, nor did the statement mention whether Canada would participate.A chart summarizing the overnight price movements of international spot platinum and palladium.January 29th - Looking ahead to Februarys liquidity situation, Wang Qing, chief macro analyst at Orient Securities, believes that the peak in cash withdrawals by residents before the Spring Festival, coupled with continued high levels of government bond issuance to ensure funding for key projects in priority areas, will increase liquidity disruptions. To address the potential tightening of liquidity, the Peoples Bank of China is expected to utilize 14-day reverse repos a week before the Spring Festival, while also flexibly conducting outright reverse repos and MLF operations to inject a certain amount of medium-term liquidity into the market. Although a reserve requirement ratio cut is unlikely in the short term, liquidity will remain relatively stable and ample. Not only will the volatility of DR007 be effectively controlled, but the volatility of DR001 will also be lower than the average level of previous years.SK Hynix: NAND inventory levels in the fourth quarter were almost equivalent to those of DRAM.On January 29th, according to foreign media reports, amidst supply disruptions caused by a winter storm in the US and a weakening dollar, US President Trumps new threats against Iran have further fueled oil prices. International crude oil futures rose further on Wednesday, reaching a four-month intraday high, with a cumulative increase of over 10% this month, despite widespread market expectations of oversupply. Iranian supply risks have injected a risk premium into oil prices, driving a strong start to the year for futures. The near-month spreads for both major benchmark crudes have widened to a cash premium structure this month, indicating tightening supply. The Brent crude near-month spread broke through $1 on Wednesday. The US winter storm has had a substantial impact on crude oil production. According to data from ship tracking service provider Vortexa, crude oil exports from US Gulf Coast ports fell to zero on Sunday before rebounding on Monday. This massive winter storm has swept across the US, severely disrupting supply chains.

S&P 500 Price Forecast – Stock Markets Continue to Worry About Rates

Jimmy Khan

Feb 22, 2023 16:31


Technical Analysis of the S&P 500

The S&P 500 E-mini contract started overnight trading poorly and hasn't been making a lot of sense. Yet, the contract's high level of volatility persists, and as a result, downward pressure is beginning to build. It's important to note that the 200-Day EMA and the 50-Day EMA are located immediately below. Given that they are both rather flat, there may not actually be any momentum.


As it is slightly above the psychologically and structurally significant 4000 level, this may pave the way for a support level to develop in that approximate area. You must keep in mind that earnings season is now underway because it could cause the market to fluctuate. The moving averages and the psychologically significant 4000 level, if we were to break down below them, might drive the futures market and the index itself significantly lower.


It thus creates the chance of a decline down to the 3900 level, where we had experienced some buying pressure. Following that, there comes the 3800 level, which is considerably more significant and will get a lot of attention. When it comes to whether or not the market can save itself, we would be in that general area hanging on by a thread.


The previous two candlesticks have undoubtedly looked pretty bearish, and I think that may have some momentum built up in it. If the market were to flip around and bounce, then it may try to move towards the 4200 level. The minutes from the Federal Open Market Committee meeting, which are released on Wednesday, will undoubtedly also be relevant. This ought to provide traders a good indication of what the Federal Reserve members discussed during the meeting and whether or not there is an overall hawkish mindset or if there are any ice cracks appearing. This will have a significant impact on the market.

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