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Wells Fargo: Extremely bullish on the market outlook, predicting the S&P 500 will surge to 8600-8800 points by the end of 2027.1. The Zaporizhia nuclear power plant lost external power for the 20th time. 2. Zelenskyy threatened Belarus: withdraw border facilities within a week or we will take action ourselves. 3. Ukrainian President Zelenskyy warned that Russia is about to launch a large-scale attack on Ukraine. 4. According to RIA Novosti: Slovakia will meet most of its natural gas needs through supplies from Russia. 5. Ukrainian President Zelenskyy confirmed a drone attack on an oil refining facility in Russias Tumen region. 6. Deputy Chairman of the Russian Federation Security Council Medvedev: There are no longer any rules when dealing with Kyiv. 7. Local governor: Russian troops used glide bombs to attack Zaporizhia in southeastern Ukraine, killing 4 and injuring 6.June 21 (Observer) – British Prime Minister Keir Starmer is expected to resign and announce his departure timetable next Monday, but a government source says Starmer remains focused on his duties. Pressure on Starmers position has been mounting for months and intensified significantly on Friday after his political rival, Andy Burnham, won a seat in Parliament, enabling him to launch a formal leadership challenge. The Observer reports that Starmer is discussing the matter with his wife at his country residence, Chequers, and has not yet made a final decision, but several senior Labour Party members expect him to make a clear statement on his future as early as Monday. However, government sources emphasize that Starmer remains focused on fulfilling his duties as Prime Minister, citing his previous statements as evidence. More than 100 Labour MPs have publicly stated their desire for Starmer to resign or set a clear departure timetable, representing about a quarter of Labour MPs in the House of Commons.According to Reuters, British government sources say that Prime Minister Starmer is focused on fulfilling his duties.June 21st - According to the British newspaper *The Observer*, British Prime Minister Keir Starmer is preparing a timetable for his departure. This comes after Andy Burnham, who suffered a major defeat to the Reform Party in the Greater Manchester by-election and is scheduled to be sworn in as a Member of Parliament next Monday. His supporters claim that if Starmer does not resign, Burnham has secured the support of over 201 Labour MPs to challenge him for leadership. This number exceeds half of the Labour Party in Parliament, meaning Starmer can no longer demonstrate his confidence in the House of Commons to the King. It is reported that after several rounds of discussions with cabinet ministers, Downing Street advisors, union leaders, and party donors, Starmer has concluded that his position in power is no longer secure. Senior Labour figures believe that Starmer may issue a "clear statement" as early as Monday. A Labour MP close to Starmer said: “He has come to terms with reality. As he said, preventing ‘chaos’ is no longer possible by staying in office, so there is only one option left. I think he has seen it as a responsible choice for the country and the party.” Another senior Labour figure said that Starmer now appears to have “accepted” the reality of his resignation.

S&P 500 (SPY) Remains Mixed In Choppy Trading

Cory Russell

Sep 20, 2022 14:37

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Healthcare Stocks Drop Following Biden's Remarks It's a Pandemic

The S&P 500 is trying to close below 3850 as Treasury rates continue to rise in advance of the Fed Interest Rate Decision. The yield on 2-year Treasuries is attempting to settle above the 3.95% mark as traders brace themselves for an aggressive Fed.


It should be emphasized that the retreat today is not significant. The worst-performing equities today are in the healthcare sector after U.S. President Joe Biden declared the epidemic to be finished. In today's trade, Moderna's shares fell by roughly 10% while Pfizer lost 2%.


Large-cap tech stocks perform inconsistently. While Microsoft is reaching new lows, Apple is recovering from the most recent setback.


Along with the oil markets, energy equities recovered from their session lows. Leading oil companies Exxon Mobil and Chevron, however, have not been able to return to the positive zone.


Trading will probably continue to be tense before the Fed announcement. The big issue is whether Fed Chair Jerome Powell gives a hawkish signal since markets have already factored in a 75 basis point rate increase.


Traders are now concerned that abrupt rate increases could cause the economy to enter a true recession, which will result in job losses and lower corporate earnings. Given this, the market will react quite strongly to Powell's remarks.

Support Remains Solid at 3850

S&P 500 dropped below 3885 and is now testing support at 3850. Since the RSI is still in the positive range, there is still plenty of space for more downward momentum to develop should the proper triggers materialize.


The S&P 500 will go toward the next support level at 3825 if it manages to settle below 3850. The next support at 3800 will be tested if this level is successfully tested.


The S&P 500's closest upward resistance level is found at 3885. The S&P 500 will go toward the next barrier at 3900 if it rises again above this level. The S&P 500 will be pushed toward the barrier of 3920 if it moves over 3900.

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