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May 16th - The meeting between the Chinese and US leaders has drawn significant global attention. International figures expressed their expectation that, under the strategic guidance of head-of-state diplomacy, China and the US will forge a new path for proper relations between major powers in the new era, jointly creating a bright future for bilateral relations while bringing more stability and certainty to a world fraught with uncertainty. William Jones, former White House correspondent for the US magazine *Global Strategy Information*, stated that as the most important bilateral relationship in the world today, the smooth progress of the US-China relationship depends on the two leaders ability to "see the direction, grasp the overall situation, and stabilize the course." He emphasized that effective dialogue and communication are especially crucial at critical moments. "This meeting has drawn a clear roadmap for the future development of bilateral relations, once again demonstrating the stabilizing force of head-of-state diplomacy in US-China relations."On May 16, Iraqs newly appointed Oil Minister, Bassim Mohammed, stated at a press conference that Iraq exported 10 million barrels of oil via the Strait of Hormuz in April. Mohammed indicated that Iraq plans to engage in discussions with OPEC to increase the countrys crude oil production and export capacity, adding that Baghdads goal is to increase crude oil production capacity to 5 million barrels per day.Iraqs oil minister said Iraq is seeking discussions with OPEC to increase its crude oil production and export capacity, and hopes to increase production capacity to 5 million barrels per day.On May 16th, it was reported that on May 15th, 2026, Nvidia CEO Jensen Huang ordered a "Peach Four Seasons Spring" drink at a Mixue Ice Cream store in Nanluoguxiang, Beijing, sparking attention. A Mixue Ice Cream staff member responded that after the "Celebrity Endorsement" feature was launched on their mini-program, sales of the Peach Four Seasons Spring drink increased by nearly 140% compared to the previous day and by over 90% compared to the previous Friday. At the Nanluoguxiang store visited by Huang, sales of the Peach Four Seasons Spring drink increased by over 90% compared to the previous day.Iraqi Oil Minister: We exported 10 million barrels of oil through the Strait of Hormuz in April.

The S&P 500 Continues to Face Overhead Pressure for the Week

Cory Russell

Apr 24, 2022 10:16

S&P 500 Weekly Technical Analysis

During the week, the S&P 500 attempted to rebound, but ran into enough resistance near the 4500 level to turn things around and show symptoms of weakness. As a result, the market seems to be struggling, and we may be staring at the 4100 level in the near future.


Looking at this chart, it's clear that we have further downward to go, but I believe it's just a matter of time until we break down. The whole Thursday and Friday sessions were a nightmare, and they aren't showing any signs of slowing down. As a result, I anticipate the market will not only retest, but may potentially break below the previous low. 


If we do, I believe the downward acceleration would be rather severe. Keep in mind that Wall Street is just now coming to terms with the possibility that they were mistaken about the Federal Reserve. The Federal Reserve will have to tighten monetary policy forcefully, which will damage everything, including the stock market.


We could make a case for attempting to shift the general structure of the market if we turn around a break above the 4500 level, but right now things seem quite bad, and I believe it's just a matter of time until we see a huge move to the downside. It would be a really bullish move to flip around and knock out the top of the candlestick for this week.

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