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Market news: U.S. officials will meet with a Ukrainian delegation at 9 a.m. Sunday in South Florida.November 30th - OPEC+ is about to hold a meeting to assess the global oil market. Given the increasingly apparent signs of oversupply, the alliances oil-producing countries are still expected to pause supply increases in the first quarter of next year. Several representatives indicated that the Saudi- and Russian-led alliance is likely to adhere to the plan reached earlier this month to make a modest production increase in December, followed by stable production levels for the first three months of next year. While this pause demonstrates some caution from OPEC and its partners after their rapid resumption of oil production earlier this year, it still leaves the global market facing a significant oversupply in early 2026, potentially putting further pressure on oil prices.Ukrainian President Volodymyr Zelenskyy announced that he has appointed former Ukrainian Ambassador to the United States, Irina Markarova, as his advisor on reconstruction and investment.On November 30th, Canadian Solar announced that it plans to adjust its US market business by establishing two new joint ventures, M and N, with its controlling shareholder, Canadian Solar Inc. (CSIQ). CSI will hold 24.9% of the shares, and CSIQ will hold 75.1%. Company M will focus on the US photovoltaic business, while Company N will focus on the US energy storage business. Simultaneously, the company plans to restructure its US manufacturing plant, with CSIQ holding 75.1% and CSI holding 24.9%, to obtain a one-time equity transfer consideration and subsequent ongoing equity gains from the 24.9% stake in the US business. This transaction and the waiver of commitments have been approved by the board of directors and are subject to shareholder approval.On November 30th, Baili Tianheng announced that its wholly-owned subsidiary, SystImmune, recently received a $250 million milestone payment from BMS. According to the cooperation agreement, the company is also eligible for up to $250 million in near-term contingent payments, as well as additional payments of up to $7.1 billion upon achieving specific development, registration, and sales milestones.

Stock Markets Continue to Put Up a Fight

Cory Russell

Jul 18, 2022 15:12

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Weekly Technical Analysis for the S&P 500

The S&P 500 has declined considerably over the last week, but it's important to remember that the previous three candlesticks have all been hammers, which does indicate that a balance or perhaps a breakout to show signs of life is very approaching. Having said that, I believe the market will, more often than not, exhibit a scenario in which there will be a brief rebound and maybe a bid to test the 4200 level. If we could break through the 4200 level, which has served as a big area of resistance as well, the general trend would alter.


On the other side, this market is likely to crash very severely if we reverse course and break down below the 3640 level and, therefore, the 200 day EMA. Given everything being equal, I think this market is a touch oversold, so a little rebound makes some sense. The market will likely continue to be choppy and noisy, and you should be concerned about the fact that we are almost certainly heading into a recession, despite what some people on Wall Street would have you believe. Keep in mind that we are about to enter the earnings season, so you need to pay close attention to pre-market volatility.


In the end, I believe fading rallies will continue to be effective, but we must wait for those rallies to take place in order to get some opportunity and a better risk-to-reward ratio.

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