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On September 9th, local time, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement claiming that in response to the US militarys aggressive actions and malicious harassment of Iranian oil tankers and ships, the IRGC Aerospace Force used ballistic missiles to strike the US destroyers USS Delbert D. Black (DDG-119) and USS John Paul Jones (DDG-53), both equipped with cruise missiles and the Aegis Combat System. The IRGC stated that the attack caused serious damage to the US warships. The IRGC reiterated its firm stance against the USs desperate actions and warned the enemy against any miscalculations.On September 9th, the Iranian Islamic Revolutionary Guard Corps (IRGC) issued a statement early this morning (September 9th) local time, stating that in retaliation for the US aggressive attack on Iranian oil tankers, the IRGC Aerospace Force launched a fierce missile strike against US military bases in Jordan. During this ballistic missile strike, maintenance and deployment hangars and fighter bunkers for US F-35, F-16, and F-15 fighter jets were hit, inflicting heavy damage on the enemy. The statement emphasized that the Iranian armed forces vigilance and decisive fighting against the enemy are driving the aggressors into despair until their acts of aggression are completely stopped.On September 9th, local time, the U.S. Southern Command announced that on the 8th, the Joint Task Force for the Western Hemisphere (JTF-WHEM) intercepted a floating refueling station in the eastern Pacific Ocean that day, which was supporting illegal drug trafficking activities at sea. Intelligence confirmed that the vessel was linked to the Ecuadorian drug trafficking terrorist organization "Los Choneros". The personnel taken from the ship have been handed over to Ecuadorian authorities. After inspecting the vessel and disembarking the crew, the U.S. military sank the ship.Indonesian Automobile Manufacturers Association: Car sales in Indonesia increased by 32.4% year-on-year in August.On September 9th, Colombian President Eduardo de la Espley met with visiting US Secretary of State Marco Rubio in the northern coastal city of Barranquilla on the 8th. Following the meeting, de la Espley stated that Colombia and the US would strengthen cooperation in areas such as regional security, drug control, border affairs, and investment and development. Colombian Senator Iván Cepeda issued a statement via social media opposing Rubios visit and questioning whether certain arrangements reached between the de la Espley government and the US in security and military fields infringed upon Colombian national sovereignty. Cepeda also criticized the US-led drug control policy, arguing that the so-called "war on drugs," which has lasted nearly 50 years, has failed to fundamentally solve the drug problem.

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.