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Citigroup gave Dell (DELL.N) a 30-day upside outlook ahead of its earnings release.According to the Financial Times, British fintech company Revolut plans to achieve a valuation of $200 billion when it goes public in the future.April 21 – According to five sources and Reuters calculations, Russia was forced to cut oil production in April due to Ukrainian drone attacks on ports and refineries, as well as disruptions to crude oil supplies through Russias only oil pipeline to Europe. Sources indicated that Russian oil production in April likely fell by approximately 300,000 to 400,000 barrels per day compared to the average level at the beginning of the year, potentially the most severe monthly decline in Russian production since the pandemic began. Oil, primarily sourced from fields in the West Siberian Basin, is the lifeblood of Russias $3 trillion economy; therefore, the decline in oil production will reduce the fiscal revenue of the worlds second-largest oil exporter. However, the potential losses may be somewhat mitigated by the conflict with Iran. Russian Finance Minister Anton Siluanov stated last Thursday that high oil prices will help reduce the budget deficit.According to Hong Kong Stock Exchange filings, JPMorgan Chase increased its short position in Meitu (01357.HK) from 1.85% to 2.83% on April 15.According to five sources and related calculations, Russias oil production in April fell by about 300,000 to 400,000 barrels per day compared to the average level in the first few months of this year.

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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