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EIA Natural Gas Report: As of the week ending October 10, total U.S. natural gas inventories were 372.1 billion cubic feet, an increase of 80 billion cubic feet from the previous week and 26 billion cubic feet from the same period last year, a year-on-year increase of 0.7%. At the same time, it was 154 billion cubic feet higher than the five-year average, an increase of 4.3%.The EIA natural gas inventory in the United States for the week ending October 10 was 80 billion cubic feet, which was in line with expectations of 81 billion cubic feet and the previous value of 80 billion cubic feet.New York silver futures hit $53 an ounce, up 3.16% on the day.Russian Deputy Prime Minister Novak: OPEC+ cooperation will help balance global supply and demand.On October 16, ECB board member Wunsch said that the ECB has done almost perfect in dealing with this "once-in-a-century" inflation shock. Wunsch pointed out that although he had hoped that the ECB would start the tightening cycle earlier after the inflation surge in 2022, overall he was satisfied with the subsequent decision. "I was one of those who thought we should act earlier, but then we did catch up. I would say that we have done almost perfect since then." He reiterated his previous view that there are no obvious upside or downside risks to inflation at present. "If you have to choose between upside or downside risks, I would say that the risk is slightly biased to the downside, which is mainly affected by the appreciation of the euro and the economic trend. But overall, we are in a good position."

Stock Markets Take a Break Ahead of Non-Farm Payroll

Cory Russell

Aug 05, 2022 15:46

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As we swing back and forth between the Friday news, the S&P 500 has been trading a little sideways throughout the day.

Technical Analysis of the S&P 500

The S&P 500 fluctuated throughout the session on Thursday since we are barely below the 200 day moving average and, of course, we have to be concerned about the employment report on Friday.


Given that circumstance, I believe an explosive move is most likely only a matter of time. If everything remained the same, one may believe that this barrier should hold, but the S&P 500 might really take off if we were to break over the 4200 mark. Although that is not my worst-case situation, I must have it in the back of my mind when I trade this.


The 4100 level, in my opinion, is critical. A far deeper correction may be seen if we were to drop below that level. We drop another 100 points or so at that moment and start looking at the 50 Day EMA.


Unfortunately, whether or not the Federal Reserve will tighten monetary policy any more forcefully depends entirely on perception. While the Fed adamantly maintains its capacity to do so, the market does not believe it. It's highly likely that the stock markets will see a little decline if the American employment report on Friday is hotter than expected. Traders will view this as yet more justification for the Federal Reserve to closely monitor its monetary policy, perhaps leading it to tighten further. In any case, I believe we are a bit overdone in the near future, but always keep an eye out for the opposite side.