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Japan insurers in talks with reinsurers to resume coverage in Russian waters. This could possibly increase the supply of some commodities which could bring down prices slightly or at least keep some commodity prices from climbing. Three Japanese insurance companies that are set to halt marine coverage of risks related to the war in Ukraine starting next month are in talks with reinsurers to resume those operations, they said on Monday.

Macro Trends
The week started off on a slightly bullish note. Futures contracts tied to the major indices in the US opened with a slight gap up. The NASDAQ led the way with the biggest gains so far. S&P 500 futures are bouncing off of recent lows after retracing over 6% from this month's highs. This bounce in price is happening near a long-term fibonacci level which is a very strong support level in theory. Technically speaking the S&P 500 futures need to make higher highs above the 3920 price point before you can consider an uptrend forming. That is the major resistance level to watch at this point. I've mapped out the nearest technical levels in the picture below.

VIX Future's short-term trend recently flipped upwards which is bad for equities but the price is currently range bound between the $23 and $25 price points. Watch out for a potential bounce around that $23 price point. Further dated futures contracts for the VIX are calling for more upside in the future so be careful going long with the VIX showing red flags.

The Hang Seng index is near a major resistance level that has held its price down since last February. The Chinese reopening trade is still in effect but watch out for sellers near this major trending resistance level. If selling does occur then it may be a good dip opportunity since the Chinese economy should be reopening as they are easing covid restrictions. This time around the supposed reopening seems legitimate as compared to the times in the past when the Chinese government stated that the economy would be reopening only to close it back down within weeks. Remember that the long-term trend is still down so be careful not to over-allocate your capital into chinese equities just in case this reopening turns out to be a fluke like in the past.