EUR/USD 1.10519
1.842%
Gold 3114.23
-0.572%
Oil 66.304
-5.844%
USD/JPY 146.065
-2.154%
GBP/USD 1.30991
0.712%
GBP/JPY 191.300
-1.424%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
Mayor of Moscow: Russian air defense forces repelled a drone approaching Moscow, and experts are inspecting the fallen debris.Market News: US officials told the UK today that they are willing to discuss the UKs proposal to reduce tariffs to below 10%.Hailey Bieber is exploring a sale of her makeup brand, Rhode, which could be worth more than $1 billion, according to people familiar with the matter.On April 4, according to people familiar with the matter, US Republicans are considering creating a new tax bracket for people with incomes of $1 million or more to offset part of the cost of the tax bill, which is in stark contrast to the Republican Partys decades-long opposition to tax increases. People familiar with the matter said the new top tax rate would be between 39% and 40%. Trump administration officials and allies on Capitol Hill are beginning to draft a tax plan, hoping to pass it in the coming months. In addition, Republicans are also considering raising the top tax rate on incomes over $626,350 from the current 37% to 39.6%, which means the top tax rate will return to the level set by former President Obama.US President Trump: Britain is happy with US tariffs.

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.

Suggestion