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Japanese Prime Minister Sanae Takaichi: Plans to moderately control the issuance of Japanese government bonds.October 19th, Futures News: Crude oil prices fluctuated at high levels, refinery costs remained high, and fuel oil demand was still relatively strong. Refineries increased sales volume and were reluctant to sell at low prices, but downstream buyers were cautious about operating on high-priced resources due to their limited needs. Market buying activity was lukewarm, with upstream and downstream players locked in a battle of wills. It is expected that fuel oil negotiations will remain mostly stable today, with some products experiencing slight price fluctuations depending on their own sales status.Bank of Japan Governor Kazuo Ueda: If fiscal spending can successfully boost Japan’s supply capacity for goods, in the long run, this will in turn help to curb inflation.October 19th - From today (October 19th) to October 29th, the United States, Japan, and other countries will hold the so-called "Keen Sword" joint exercise, centered on Kyushu and the southwestern islands of Japan. This exercise will expand into new domains such as space, cyberspace, and electromagnetic waves, making it the largest in its history. As part of the so-called "exercise of the capability to attack enemy bases in the event of an emergency," the Type 25 surface-to-ship missile, a long-range standoff missile deployed by the Japanese Self-Defense Forces at the end of March, will be deployed for the first time outside its deployment location. It is reported that approximately 45,000 personnel from the Japanese Self-Defense Forces and 12,000 personnel from the US military will participate this year. In addition to Australia and Canada, which have participated in the exercise before, five countries participating for the first time, including France, Germany, and the Netherlands, will also participate in some exercise subjects. The US military will also deploy its latest surface-to-ship missile system, the Naval/Marine Corps Expeditionary Ship Interceptor System (NMESIS), and the integrated air defense system, the Marine Corps Integrated Air Defense System (MADIS), on Yonaguni Island for the first time. In addition to deploying NMESIS and MADIS, the U.S. military will also deploy the HIMARS multiple rocket launcher system on Ishigaki Island.Bank of Japan Governor Kazuo Ueda: The central bank will take into account market conditions, such as whether long-term interest rates are rising too fast or whether there are signs of market instability, in order to decide whether to intervene.

S&P 500 Tests Resistance At 3885 As Apple Rallies

Alice Wang

Oct 31, 2022 16:25

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Tech Stocks Rise as Apple and Intel Reports Lift Sentiment

After the announcement of the company's quarterly report, Apple shares saw significant support, causing the S&P 500 to rise sharply and move towards the 3885 mark.


Apple surpassed analyst expectations for both profits and sales, reporting revenue of $90.1 billion and earnings of $1.29 per share. Even though Apple's financial numbers weren't great, the price nevertheless rose 8%, suggesting that traders were waiting for an opportunity to purchase the shares.


Results from Apple more than made up for the decline in Amazon shares, which fell by 8%. It should be mentioned that during yesterday's post-market session, Amazon stock fell as much as 19%, therefore Apple's results significantly boosted optimism in the IT sector.


After the publication of the quarterly report, Intel stock also increased. In the instance of Intel, traders praised job-cut plans.


Energy companies including Schlumberger, Pioneer Natural Resources, and Hess sank as oil markets fell over concerns about coronavirus lockdowns in China, while IT stocks saw widespread support. As copper fell below the $3.45 mark, the top copper producer Freeport-McMoran saw its share price fall by 2%.


It's interesting to note that today's S&P 500 was unaffected by the stronger currency and higher Treasury rates. Apple's strong earnings announcement increased traders' willingness to take risks, and investors raced to purchase stocks across a range of sectors.

Tests Multi-Week Highs for S&P 500

The S&P 500 is now attempting to settle above the 3885 resistance level. The RSI is still in the moderate range, and there is still possibility for future trading sessions to see further upward momentum.


The S&P 500 will go toward the next barrier at 3915 if it settles above the 3885 level. The barrier at 3960 might be tested if a price moves over 3915. The S&P 500 will go toward the next obstacle at 4000 if it rises over 3960.


The prior resistance level at 3835 will act as the S&P 500's first support level on the support side. The S&P 500 will move in the direction of the next support at 3805 if it is able to settle below this level. S&P 500 will be pushed toward the support at the 20 EMA at 3760 if a move below the support at 3805 is made.

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