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March 1st - Christopher Wong, a strategist at OCBC Bank in Singapore, stated, "With markets poised to open on Monday, the Iranian conflict has pushed up geopolitical risk premiums. The initial market reaction is largely predictable: safe-haven assets like gold may gap up, while oil prices could strengthen due to supply disruption concerns. Risk assets and high-beta currencies... may face initial volatility, especially if news reports suggest potential retaliation or regional spillover effects."March 1st - At the start of the Year of the Horse, many provinces have released detailed rules and regulations for their car trade-in programs. Statistics show that since February 10th, more than five provinces, including Hunan, Qinghai, Henan, Fujian, and Jiangxi, have successively issued detailed rules and regulations for their car trade-in programs. Currently, all provinces in mainland China have released detailed rules and regulations for the 2026 national car subsidy program. A comprehensive review shows that the subsidy details released by various provinces are largely the same. The policy implementation period is from January 1, 2026 to December 31, 2026. The subsidy program is divided into scrapping and replacement. The scrapping subsidy standard is as follows: for scrapping a qualified old car and purchasing a new energy passenger vehicle, a subsidy of 12% of the new cars sales price will be given, with a maximum subsidy of 20,000 yuan; for scrapping a qualified gasoline passenger vehicle and purchasing a gasoline passenger vehicle with an engine displacement of 2.0 liters or less, a subsidy of 10% of the new cars sales price will be given, with a maximum subsidy of 15,000 yuan. The replacement subsidy standards are as follows: For those who replace their vehicles with eligible new energy passenger vehicles, a subsidy of 8% of the new vehicles sales price will be granted, with a maximum subsidy of 15,000 yuan. For those who replace their vehicles with eligible gasoline passenger vehicles, a subsidy of 6% of the new vehicles sales price will be granted, with a maximum subsidy of 13,000 yuan.Market news: A U.S. air base at Erbil International Airport in Iraq caught fire following an Iranian drone/missile attack.Royal Bank of Canada analyst Helima Croft: If the conflict drags on, Washington officials may regret not replenishing the Strategic Petroleum Reserve (SPR).Royal Bank of Canada analyst Helima Croft: Due to a lack of actual production capacity, any headlines tomorrow about OPEC+ increasing production will have a limited impact on oil prices.

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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