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The U.S. has promised to vote against any resolution that would seek to grant the Palestinians full membership in the United Nations after a General Assembly resolution passed with significant support from member states. 

‘Our vote does not reflect opposition to Palestinian statehood,’ U.S. Deputy Ambassador to the U.N. Robert Wood said after the vote. ‘We have been very clear that we support it and seek to advance it meaningfully: Instead, it is an acknowledgment that statehood will only come from a process that involves direct negotiations between the parties.’

‘This resolution does not resolve the concerns about the Palestinian membership application raised in April in the Security Council through the admissions committee process,’ Wood added. ‘Should the Security Council take up the Palestinian membership application as a result of this resolution, there will be a similar outcome.’ 

The vote, brought to the floor by the United Arab Emirates, received support from 143 members, with nine voting against and 25 abstaining.

The ‘no’ votes included Argentina, Hungary, Israel and the United States, among others, while the abstentions included Albania, Austria, Bulgaria, Canada, Croatia, Finland, Germany, Italy, Lithuania, Monaco, the Netherlands, Sweden, Switzerland, Ukraine and the United Kingdom, among others.

‘A negotiated two-state solution remains the best path towards an enduring peace where Israelis and Palestinians can live side by side with equal measures of security, freedom, and dignity,’ the U.S. Mission to the U.N. wrote on social media platform X after the vote. ‘Unilateral measures like the UNGA resolution on Palestinian UN membership adopted today will not advance this goal.’

Wood in his address to the General Assembly stressed that the resolution ‘does not alter the status’ of the Palestinians at the United Nations, labeling the motion ‘unproductive,’ but assured that as the resolution did not ultimately grant the Palestinians the rights that would provide ‘the same standing as a member state.’ 

As such, the U.S. has indicated it will therefore not cut funding to the United Nations or specialized agencies, which it would have had to do under Public Law 101-246. President Obama during his administration cut funding to UNICEF after the organization admitted the Palestinians as members. 

Prior to the vote, Israel’s Ambassador the U.N. Gilad Erdan accused members who would support the motion of ‘shredding the U.N. charter.’

‘Shame on you,’ Erdan said as he shredded a small paper with ‘Charter of the United Nations’ written on it in a handheld paper shredder. 

Anne Bayefsky, director of the Touro University Institute on Human Rights and the Holocaust and president of Human Rights Voices, told Fox News Digital that ‘Roughly 75% of U.N. member states evidently believe that there is one exception to the U.N. Charter’s membership core requirement of being a ‘peace-loving state,’ namely, the would-be Palestinian terror state. 

She warned that ‘With today’s resolution, the U.N. General Assembly could soon have a President from the so-called ‘State of Palestine’ – without any negotiation or agreement to live in peace and security with a Jewish state. Hamas and its Palestinian Authority UN mouthpiece at the helm of the United Nations’ lead body. A day in infamy.’ 

Several members in their post-vote statements stressed that they condemned the Hamas terrorist attack on October 7, but argued that they deemed Israel’s actions in Gaza of having gone too far: Singapore argued that supporting the motion would hopefully push Israel and the Palestinians to resume discussions aimed at establishing a two-state solution. 

France’s mission stressed that it supported the admission of the Palestinians as members of the U.N., but that while it voted in favor of the resolution to indicate ultimate support for the motion, it did not support attempts to ‘circumvent’ the membership admission process. 

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President Joe Biden was blasted on social media this week over a past anti-Trump tweet that critics said showed he should be impeached for withholding some weapons from Israel if it moves forward with a military operation in Rafah, Gaza.

‘President Trump withheld Congressionally appropriated aid to Ukraine unless they granted him a political favor,’ Biden tweeted as a candidate in 2019 about the impeachment push against Trump over a phone call with Ukraine that Democrats claimed was a ‘quid pro quo.’

‘It’s the definition of quid pro quo. This is no joke—Trump continues to put his own personal, political interests ahead of the national interest. He must be impeached.’

Trump was ultimately impeached  for ‘abuse of power’ and ‘obstruction of Congress’ related to his dealings with Ukraine.

Biden’s 2019 post drew immediate push back on social media from conservatives who argued that Biden’s recent move to withhold some military aid from Israel due to his objection to their military campaign in Gaza was similar to what Democrats accused Trump of during the impeachment.

‘Joe Biden endorses his own impeachment,’ Red State writer Bonchie posted on X.

‘Wow — how newly relevant,’  New York Post reporter Jon Levine posted on X.

‘Joe Biden is withholding Congressionally appropriated aid to Israel unless they grant him a political favor. It’s the definition of quid pro quo,’ conservative communicator Steve Guest posted on X.

‘This is no joke—Biden continues to put his own personal, political interests ahead of the national interest. He must be impeached,’ Federalist co-founder Sean Davis posted on X.

‘Joe Biden withheld Congressionally appropriated aid to uproot Hamas in a political pay off pro-Hamas radicals,’ Trump adviser Stephen Miller posted on X. ‘This warrants impeachment and criminal investigation — including exploring all ties between Biden aides and Iran.’

Some have pushed back on the suggestion that Biden committed an impeachable offense, including those who have pointed to a 2020 report from the Congressional Research Service, a nonpartisan office that analyzes U.S. policy, that says, ‘The Arms Export Control Act of 1961 ‘prohibits the sale or delivery of U.S.-origin defense articles if the President finds that a recipient country has used such articles for unauthorized purposes.’

In a statement to Fox News Digital, a White House official dismissed the accusations of hypocrisy as ‘ridiculous.’

‘Senior administration officials had already made multiple public statements about Rafah similar to the President’s, including that we are also ensuring Israel gets every dollar appropriated in the supplemental,’ the official said. ‘Trump failed to spend dollars appropriated by Congress that he was legally required to spend. This is about a purchase made by a foreign government using its own funds, not funds appropriated by Congress, and our decision whether to deliver that purchase right now, which could enable an operation we’ve publicly and privately objected to.’ 

House Republicans disagree with the assessment from the White House as evidenced by news on Friday that articles of impeachment were filed against President Biden over the controversy.

‘In violation of his oath to faithfully execute the office of President and to uphold the Constitution, President Biden abused the powers of his office by soliciting a ‘quid pro quo’ with Israel while leveraging vital military aid for policy changes,’ GOP Rep. Cory Mills said in a statement first reported by Fox News Digital.

‘This egregious action not only compromised the credibility of the United States but also undermined the interests of our longstanding ally, Israel. Therefore, President Biden’s conduct warrants impeachment, trial, removal from office, and disqualification from holding any future office under the United States.’

Biden has faced criticism from members of his own party as well including Democratic Rep. Ritchie Tores, who said he suspects that Biden is ‘pandering to the far left.’

‘It looks like election year politics was driving it,’ Tores said. ‘That’s my impression.’ 
 

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The Biden administration told Congress it would waive sanctions on military sales to several Middle Eastern nations the day before President Biden publicly declared the U.S. would not give Israel offensive aid if it invaded Rafah.

Some of those countries have been accused of playing an active role in the proliferation of Hamas and other terror groups intent on wiping Israel off the map.

The State Department sent Congress a notification Tuesday that it would extend existing sanctions waivers for Lebanon, Iraq, Kuwait, Yemen Libya, Qatar and Saudi Arabia through April 30, 2025, according to a copy of the notice obtained by Fox News Digital Friday.

Biden made the high-stakes ultimatum to Israel’s government in a CNN interview that aired Wednesday night as it prepares for a ground invasion of the southern Gaza city of Rafah. The city is home to more than a million Palestinians who left other parts of the Gaza Strip, where Israel has conducted its mission to eradicate the terrorist group Hamas.

President Biden said Israel would continue to see U.S. support for its defensive systems, like the Iron Dome, in the CNN interview. He added, however, that ‘if they go into Rafah, I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities, that deal with that problem.’

The day before, however, the administration appears to have quietly approved the sale of ‘defense articles or defense services’ to countries the U.S. previously accused of engaging in anti-Israel boycotts, according to the document.

Under current law, the president is permitted to enact and extend sanctions waivers on Arab nations boycotting Israel if the waiver ‘is in the national interest of the United States’ and if the U.S. deems waivers ‘objectives of eliminating the Arab League boycott.’

The notice was first reported by The Washington Free Beacon.

Lebanon is home to terror group Hezbollah, which claimed credit for rocket strikes against Israel as recently as Friday, according to AFP. 

In the State Department notice, the Biden administration acknowledges Lebanon has had an active Israel boycott since June 1995 but added as its reasoning for a sanctions waiver, ‘The waiver’s extension is in the U.S. national interest as it facilitates U.S. support for Lebanese stability, sovereignty, and efforts to undermine violent extremist influences in Lebanon and to strengthen the ability of Lebanese security institutions.’

For Yemen, where Iran-backed Houthi rebels have caused chaos in the Red Sea for months in retaliation for Israel’s invasion of Gaza, the Biden administration argued a sanctions waiver was necessary ‘in our national security interest as we seek to continue working with the Government of Yemen to tackle regional threats — particularly the Houthis.’

Qatar, a wealthy gulf nation on the list, has for over a decade housed Hamas’ top officials, including its leader, Ismail Haniyeh. The arrangement, though requested by the U.S., has come under criticism recently in the wake of Hamas’ Oct. 7 attack on Israel. Qatar is also playing an active role in cease-fire negotiations.

The State Department said Qatar’s sanctions waiver ‘underscores the strength of our bilateral relationship, which is crucial to maintaining security in the region, while also permitting U.S. officials to continue working closely with the Government of Qatar to eliminate further instances of boycott requests.’

Fox News Digital reached out to the State Department for comment.

This post appeared first on FOX NEWS

WASHINGTON, D.C.—Republican senators believe President Biden’s ‘disgraceful’ warning to cut offensive aid to Israel during its conflict with Hamas was a political decision to appease ‘the pro-Hamas wing of the Democrat Party’ in November.

President Biden recently threatened to cut aid to America’s ally Israel if the country invades Rafah, a city in the Gaza Strip.

‘If they go into Rafah, I’m not supplying the weapons that have been used historically to deal with Rafah, to deal with the cities — that deal with that problem,’ the president told CNN Wednesday.

The decision comes after weeks of anti-Israel agitators causing chaos on college campuses across the nation, and lawmakers are connecting the two as the president seeks another term in the White House.

When asked about Biden’s decision coming amid the anti-Israel riots, Sen. Eric Schmitt, R-Mo., told Fox News Digital ‘the pro-Hamas wing of the Democrat Party is growing.’ 

‘I do think he caved to the folks on campus, who are calling for the death of Israel. And I think the pro-Hamas wing of the Democrat Party is growing. And these are political decisions, trying to meddle in another country’s elections,’ Schmitt said.

‘You know, Chuck Schumer and Joe Biden called for Benjamin Netanyahu to be ousted in the middle of a war, and now he’s withholding arms that have been appropriated. It’s really outrageous,’ he added. ‘And I think, again, it just sort of shows how desperate Joe Biden is to try to again appease these radicals in his party. He’s willing to risk U.S.-Israel relations.’

Biden has received bipartisan backlash for his recent comment about aid to Israel, and Israeli Prime Minister Benjamin Netanyahu said his country ‘will stand alone’ to defeat Hamas if necessary.

‘Sadly, this administration has been the most anti-Israel administration we’ve ever seen,’ Sen. Ted Cruz, R-Texas, told Fox News Digital. ‘And right now, what do you see the Biden administration doing? They are simultaneously flooding cash to the Hamas terrorists while they’re cutting off weapons to Israel. They’re undermining our friend and ally Israel. It is disgraceful. And, yes, part of it is that today’s Democrat Party is terrified of the radical left in the party, the extreme anti-Israel, antisemitic protesters we see at college campuses all across the country.’

The senator added there is a ‘pro-Hamas wing’ of the Democratic party.

When asked by Fox News Digital if the campus riots were linked to Biden’s recent warning to Israel, Sen. Ted Budd, R-N.C. said the two events are ‘absolutely’ connected to Biden seeking another term.

Budd said Biden’s warning to Israel was about the November election and Biden ‘collapsing in these swing states.’

‘I just got back from Israel this week, met with the prime minister. Met with many people here rather easily. They’re wondering, ‘What the heck is the U.S. doing?’ This is all about November, Joe Biden. This is about Minnesota. This is about Michigan. He’s collapsing in these swing states. And so he’s trying to stitch this together, and it’s completely off the rails. 

‘It’s showing the world that you can’t trust the U.S.,’ Budd added. ‘It’s very frustrating, particularly when you’re trying to get the eight U.S. hostages home and respect these families that have been waiting and waiting for over 200 days. This just demonstrates weakness and confusion to the world.’

Sen. Roger Marshall, R-Kan., agreed Biden’s statement was in response to the protests, saying, ‘I think he’s caved to the college agitators. And just, in general, the Palestinian community. It just doesn’t make sense to any of us. And that’s why I encourage everybody to not listen to what he says. Watch what Joe Biden does. It makes no sense.

‘I describe it as Biden’s schizophrenic national security policies,’ he continued. ‘On the one hand, he says he wants to minimize casualties, public casualties. But, on the other hand, he keeps us from sending smart bombs. On the one hand, he says that he wants a minimum loss of life, that he wants the hostages released. But when he tells the world, ‘We’re not going to send any more weapons,’ what is the message? Do they back out of the negotiations? So, everything that Joe Biden touches when it comes to national security just turns to mud.’

Rep. Cory Mills, R-Fla., filed articles of impeachment against Biden Friday for his threat against Israel, saying ahead of the move that ‘these are the same accusations made against President Trump, which resulted in his impeachment by Democrats. The same must happen for Joe Biden, which is why we’re drawing up articles of impeachment now.’

Fox News’ Elizabeth Elkind contributed to this report.

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The U.S. State Department on Friday criticized Israel’s use of U.S-supplied arms in a way that may be ‘inconsistent’ in ‘mitigating civilian harm’ in the war in Gaza. 

A report obtained by Fox News Digital, which was sent to Congress on Friday, admitted that ‘Israel has had to confront an extraordinary military challenge: Hamas has embedded itself deliberately within and underneath the civilian population to use civilians as human shields.’

The report added that ‘it is often difficult to determine facts on the ground in an active war zone of this nature and the presence of legitimate military targets across Gaza.’

Nearly 35,000 Palestinians have been killed in the conflict, including many women and children, according to the Palestinian government. 

The report was commissioned by President Biden to assess if Israel and other U.S. allies are adhering to international humanitarian law. 

Israeli officials have said the country is complying with international law ‘and have identified a number of processes for ensuring compliance that are embedded at all levels of their military decision-making,’ the report said, including giving advanced warnings, using specific weapons and avoiding places like schools, hospitals and places of worship.

‘Although we have gained some insight into Israel’s procedures and rules, we do not have complete information to verify whether’ U.S. arms ‘were specifically used in actions that have been alleged as violations of [international humanitarian law] or international human rights law during the period of the report,’ the report continued. ‘The nature of the conflict in Gaza makes it difficult to assess or reach conclusive findings on individual incidents.’

It said, however, that the United Nations, humanitarian organizations and international humanitarian law experts ‘have reported Israeli civilian harm mitigation efforts as inconsistent, ineffective, and inadequate, failing to provide protection to vulnerable civilians who cannot or chose not to relocate.’

Israel has the capability, experience and tools to mitigate civilian harm, the report said, adding, however, ‘the results on the ground, including high levels of civilian casualties, raise substantial questions as to whether the IDF is using them effectively in all cases.’ 

Despite misgivings, the State Department said it found Israel’s assurances that it had followed international law in the use of U.S. weapons ‘credible and reliable’ and will continue supplying arms. 

This post appeared first on FOX NEWS

In this edition of StockCharts TV‘s The Final Bar, Dave uncovers strength in SQSP using the Stochastics Oscillator and the StochRSI indicator. He shares his favorite chart for analyzing relative strength ratios for leading stocks, and also answers viewer questions on price patterns for XLB and PYPL, plus best practices for monthly price charts.

This video originally premiered on May 10, 2024. Watch on our dedicated Final Bar page on StockCharts TV!

You can also see Dave’s awesome chart from Gatis Roze by clicking here.

New episodes of The Final Bar premiere every weekday afternoon. You can view all previously recorded episodes at this link.

There’s no denying the strength the major averages have displayed off their April lows. The S&P 500 finished the week within a rounding error of the previous all-time high around 5250. What would it take for the SPX and NDX to power to new all-time highs in May?

Today, we’ll break down three market breadth indicators that we are watching to confirm the likelihood of a further rise for the equity indexes. We’re also watching those same three charts for warning signs of a trend exhaustion! First, let’s measure how many stocks are above key moving averages.

Percent of Stocks Above the 50- and 200-Day Moving Averages

One of my favorite breadth indicators looks at how the members of a particular index are trading relative to their 50-day and 200-day moving averages. During an uptrend phase, a stock tends to be moving higher above two upward-sloping moving averages. By making this simple comparison across a large number of names, we can determine whether a market move is more of a narrow or a broad advance.

The bottom panel shows that at the end of 2023, about 90% of the S&P 500 members were trading above their 200-day moving average. By the mid-April market low, that number had gone down to around 30%. That suggests that about 60% of the S&P 500 members had broken down through their 50-day moving average in early 2024. Talk about a broad market decline!

Since the April low, this indicator has popped back over 50% to reach almost 60% this week. I’ve generally observed values over 50% are bullish, meaning that most SPX members are in a short-term uptrend. Thus, as long as this indicator remains above 50%, conditions are fairly constructive. In terms of danger signs on this chart, I’ve noticed that when the indicator gets up to around 85-90%, that’s usually right around a market top. So, for now, this indicator suggests market strength.

New 52-Week Highs and Lows

Now that we’ve determined a broad advance off the April lows, what about the leadership names? Are there stocks already achieving a new 52-week high?

You can see in the bottom panel that, when the S&P 500 had pulled back to around 4950 in mid-April, there were very few 52-week highs (green) or 52-week lows (red) for the S&P 500 members. Most stocks had made a new 52-week high in Q1, and most are still well above their October 2023 lows. But, in the subsequent three weeks, you can see a growing number of new 52-week highs.

So even though the S&P 500 itself has still not achieved a new 52-week high, there are some early leadership names that are already pushing to their own 52-week high. A healthy uptrend is usually marked by an expansion in new 52-week highs. Hence, the more green on this chart going forward, the better.

What would raise a red flag on this second chart? Basically, an evaporation of new 52-week highs would tell you those early leadership stocks are no longer making upward progress, and that, most likely, we are in a new pullback phase.

Nasdaq 100 Bullish Percent Index

The Bullish Percent Index is a market breadth indicator constructed by analyzing point & figure charts for a particular universe — in this case, the Nasdaq 100 members. What percent of those stocks have most recently given a buy signal on their own point & figure charts?

The top panel shows the Nasdaq 100 Bullish Percent Index, which is getting very near to the 50% level. I have found that when the indicator dips below 30%, but then pushes back above 50%, this often serves as a strong buy signal and suggests further upside. You can see the most recent signals in January 2023 and November 2023 demonstrate this phenomenon.

So if this indicator pushes above 50% in the month of May, that would suggest that the current uptrend phase may just be getting started. If the indicator fails to push above 50%, that could indicate that this group of leading growth stocks, including pretty much all of the Magnificent 7 stocks, are not showing enough upside momentum to confirm the uptrend.

Do you think the S&P 500 will achieve a new all-time high above 5250 in May 2024? Watch the video below, then drop a comment and let me know!

RR#6,

Dave

P.S. Ready to upgrade your investment process? Check out my free behavioral investing course!

David Keller, CMT

Chief Market Strategist

StockCharts.com

Disclaimer: This blog is for educational purposes only and should not be construed as financial advice. The ideas and strategies should never be used without first assessing your own personal and financial situation, or without consulting a financial professional.

The author does not have a position in mentioned securities at the time of publication. Any opinions expressed herein are solely those of the author and do not in any way represent the views or opinions of any other person or entity.

In this episode of StockCharts TV‘s The MEM Edge, Mary Ellen reviews the bullish bias in the broader markets, along with the sector rotation into cyclical areas as growth areas languish. She then highlights the perils of buying, or holding, stocks around earnings releases, and shares a high-yielding stock that’s on the move higher amid AI-driven demand.

This video originally premiered May 10, 2024. You can watch it on our dedicated MEM Edge page on StockCharts TV.

New episodes of The MEM Edge premiere weekly on Fridays. You can view all previously recorded episodes at this link.

If you’re looking for stocks to invest in, be sure to check out the MEM Edge Report! This report gives you detailed information on the top sectors, industries and stocks so you can make informed investment decisions.

After sharp declines into mid April, stocks rebounded over the last three weeks and the S&P 500 SPDR (SPY) came within 1% of its March high. This March high acts as a benchmark high that chartists can use to compare performance. Stocks and ETFs trading above their March highs are leading and showing relative strength.

Current leaders include the Consumer Staples SPDR (XLP), Utilities SPDR (XLU), Aerospace & Defense ETF (ITA), KBW Bank ETF (KBWB), Copper Miners ETF (COPX), Infrastructure ETF (IFRA) and Water Resources ETF (PHO). The CandleGlance chart below shows all hitting new highs here in May. All six are also in clear uptrends.

The CandleGlance chart above shows XLU with a cup-with-handle breakout at 66 in late April. This signal was featured in ChartTrader on April 30th. Despite a strong extension on this breakout, XLU is a concern because it is trading some 13% above its 200-day SMA. The next chart shows XLU with the Percent Above MA (1,200,1) indicator. XLU was more than 13% above its 200-day SMA in February 2020 and April 2022 (dashed lines). This ETF is getting frothy and ripe for a correction. This indicator is part of the TIP Indicator-Edge Plugin for StockCharts ACP.

This week at TrendInvestorPro (ChartTrader) we featured tradable patterns in Vertex Pharma (VRTX), Union Pacific (UNP), the Home Construction ETF (ITB), Lennar (LEN) and CrowdStrike (CRWD).  We continue to monitor short-term breadth during this rebound and update our 14 indicator Composite Breadth Model every Tuesday. Click here to learn more.

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Mortgage rates are significantly higher than they were at the start of this year, but they pulled back slightly last week after several weeks of straight increases. That was enough to spark some new demand, especially for refinances.

The average contract interest rate for 30-year fixed-rate mortgages with conforming loan balances ($766,550 or less) decreased to 7.18% from 7.29%, with points unchanged at 0.65 (including the origination fee) for loans with a 20% down payment.

“Treasury rates and mortgage rates fell last week on the news of a slowing job market, with wage growth at the slowest pace since 2021, and the Federal Reserve’s announced plans to ease quantitative tightening in June and to maintain its view that another rate hike is unlikely,” said Mike Fratantoni, MBA’s senior vice president and chief economist.

The rate for Federal Housing Administration loans fell below 7% for the first time in three weeks, which is a welcome sign for first-time buyers, who tend to use FHA loans.

“First-time homebuyers account for roughly half of purchase loans, and the government lending programs are an important source of financing for these homebuyers. The gain in FHA activity is a sign that this segment of the market is active,” Fratantoni added.

The dip in rates caused refinance demand to increase 5% for the week, although it was still 6% lower than the year-earlier week. Rates are 70 basis points higher than they were a year ago, so there are very few borrowers who can benefit from a refinance. A basis point is one-hundredth of a percentage point.

Applications for a mortgage to purchase a home rose 2% for the week but were still 17% lower than the same week a year earlier. Affordability is hitting potential buyers hard, as home prices continue to climb. Tight supply is keeping the competition high, resulting in very few bargains.

Mortgage rates fell further to start this week. The next big piece of economic data comes next week, with the release of the monthly consumer price index. That could move rates sharply in either direction, depending on what it says about inflation.

This post appeared first on NBC NEWS