Stocks Sell Off On Chinese Holiday | Midday Market Minute | 5.02.22

Posted: May 2, 2022, 1:27 p.m.

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Most assets are moving lower today, with Crude & US Dollar bucking the trend higher. Rallies in the Equity markets have been sold into since this morning. 4030 (S&P 500) is a measured downside going back to a break out of April 2021. Will China coming back from holiday boost our markets?

The Federal Reserve meets on Wednesday. Keep in mind that after less hawkish tone out of the March meeting, we rallied from that point.

Crude Oil has rallied, once again, off of the $100 level, currently trading at $105. As we get closer to the OPEC+ meeting, capacity talk is key. The recent pullback could be attributed to the China lockdowns, which curbed short term demand.

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Gold & Silver are still holding support, but are well off of their all time highs. Again, with the UK & China on holiday, there are less players in these markets.

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