#SP500:
Wall Street's main stock indexes slumped on last week, with the benchmark S&P 500 on track to confirm a decline of more than 20% or more from its Jan. 3 record closing high, a commonly used metric to determine a bear market. Stocks have been under pressure since the start of the year as investors have dumped stocks amid worries over whether the Federal Reserve will be able to tame inflation without triggering a recession. The hedge funds are reducing their overall exposure. They are selling what they can, they're having to cover their shorts, but clearly, the selling of longs is overwhelming any short covering.
Trading recommendation: sell 3985 and take profit 3840.
#WTI:
Global fuel product markets are tightening, especially in the US, where gasoline and diesel prices have risen to unprecedented levels in the run-up to summer driving season. Nationwide travel is expected to approach levels seen before the coronavirus pandemic, according. Oil has surged almost 45% this year as demand recovered from the impact of the pandemic and Russia’s assault on Ukraine sent shock waves through global markets. While the US and UK have announced bans on Russian exports, flows to Asia have picked up. China is seeking to replenish strategic stockpiles with cheap Russian oil even as officials grapple to suppress Covid-19 outbreaks.
Trading recommendation: buy 108.44 and take profit 111.77.
#FTSE100:
The Bank of England will need to raise interest rates further to combat the risk of self-perpetuating price rises, the central bank's chief economist, Huw Pill, said. Pill said the central bank was battling the biggest inflation challenge since it gained operational independence in 1997, with inflation at a 40-year high of 9.0% and set to hit double digits later this year. While inflation in the short-term was driven by factors such as geopolitical conflict, surging energy prices and supply-chain bottlenecks which the BoE could not control, he said it needed to ensure expectations of high inflation did not become entrenched. This is a negative signal for the British stock market.
Trading recommendation: sell 7481 and take profit 7337.
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