It makes reference to many elements of the 1950s, such as nuclear testing, Ike, Communists, rock 'n' roll and juvenile delinquents, and it even provides a kind of full circle for both Lucas (with the previously mentioned American Graffiti echo) and Spielberg (with a Close Encounters of the Third Kind echo), but doesn't do anything with these concepts other than simply present them.
Later Indy says "I have a bad feeling about this," echoing the "Star Wars" series, and the film's denouement heavy-handedly mimics "Close Encounters of the Third Kind."
But the structure - resist, capture, escape, repeat - and the elaborate and escalating plot machinations (with nods to "Indiana Jones and the Temple of Doom," "Close Encounters of the Third Kind," the Red Scare and the blacklist) confuse action for consequence.
Steven Spielberg directs ("Saving Private Ryan"/"Close Encounters of the Third Kind"/ "Schindler's List") it in an exhausting manner, trying at all costs to keep it old-fashioned, action-packed and cutesy charming.
Oh, there’s a nice hook at its core — all the reviews calling the film a sequel-of-sorts to Close Encounters of the Third Kind are too glib, but not far off — but the series of treasure hunts that ultimately leads them to it is basically random.
The climax, which brings all of the central players to the City of Gold and face to face with an alien creature right out of "Close Encounters of the Third Kind," boasts solid showmanship and satisfyingly wraps things up.