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Market news: Venezuela is taking steps to revive dollar sales.U.S. natural gas futures fell more than 3.00% on the day, currently trading at $3.034 per million British thermal units.On January 17th, sources said the U.S. Department of Energy is exploring a plan to exchange U.S. medium-sulfur crude oil for Venezuelan heavy crude oil to replenish the Strategic Petroleum Reserve. The Trump administration is seeking to ship Venezuelan crude to storage tanks at the Louisiana offshore oil port and from there to refineries. Sources said that in exchange for Venezuelan crude, the companies involved would provide U.S. medium-sulfur crude that can be directly stored in the Strategic Reserve. In the past, the government has used this exchange method to release and acquire oil. Typically, in such operations, oil refiners would borrow crude oil from the Strategic Reserve for a short period due to events such as hurricanes or temporary supply disruptions, and then return it in full, paying an additional premium.The German DAX 30 index closed down 87.88 points, or 0.35%, at 25286.63 on Friday, January 16; the UK FTSE 100 index closed down 8.89 points, or 0.09%, at 10230.05 on Friday, January 16; the French CAC 40 index closed down 54.18 points, or 0.65%, at 8258.94 on Friday, January 16; European... The Stoxx 50 index closed down 14.99 points, or 0.25%, at 6026.15 on Friday, January 16; the Spanish IBEX 35 index closed up 59.93 points, or 0.34%, at 17702.63 on Friday, January 16; and the Italian FTSE MIB index closed down 83.27 points, or 0.18%, at 45766.50 on Friday, January 16.On January 17th, U.S. Treasury prices fell as Trump hinted at nominating someone other than National Economic Council Director Hassett to succeed Powell, and traders reduced their expectations for two U.S. interest rate cuts in 2026. The decline in U.S. Treasuries pushed the two-year yield up as much as 5 basis points to 3.61%, the highest level since the Feds last rate cut in December. Following Trumps comments on Hassett, short-term interest rate contracts reflected a decreased probability of two 25-basis-point rate cuts by the Fed this year. Meanwhile, the Treasury market continued to be troubled by the December jobs data released a week earlier, prompting Wall Street banks that had previously predicted a rate cut at the Feds next meeting on January 28th to abandon that view. Morgan inflation economists predict that despite the change in Fed leadership, the Fed will not cut rates further. John Fath, managing partner of BTG Pactual Asset Management U.S., said, "The previous trade was betting that whoever becomes the next Fed chairman will be dovish. That has reversed in the last few days."

S&P 500 Price Forecast – Stock Markets Pulled Back After Strong Jobs Demand

Florala Chen

Nov 02, 2022 16:51

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Technical Analysis of the S&P 500

The S&P 500 E-mini contract initially rose during Tuesday's trading session to display symptoms of FOMO once again. Having said that, the market later handed up the gains when the number of job openings in the United States turned out to be 1 million more than expected. This demonstrates how difficult it will be to begin loosening monetary policy, and Wall Street had a little wake-up call during the day. It seems that we are prepared to go lower at this time, maybe endangering the 50-Day EMA. Additionally, we must bear in mind that Wednesday's Federal Reserve pronouncement will have a significant impact on what occurs next.


We are likely to drop much farther if we break down below the 3800 level. On the other side, if we turn around and break above the day's high for Tuesday, then makes a goal of 4,000 possible. Remember that Wall Street had been expecting the Federal Reserve to potentially tone down its hawkish tone, so if they do sound as aggressive as I anticipate, it's probable that we will have a little decline.


Even if there has been a great rebound over the last several weeks, we are still most definitely in a downturn. Although there has been speculation over the last two weeks that the Federal Reserve would let the Canadians and Australians tell them what to do, the economic situation does not seem to be good, and, to be very blunt, nothing has changed.

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