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On December 1, Venezuelan Vice President Rodriguez stated on his social media that Venezuela had submitted an official letter signed by President Maduro to the Secretary-General of OPEC and all OPEC and OPEC+ members, accusing the United States of attempting to control Venezuelas largest oil reserves in the world through military intervention.December 1st - A new round of talks between US and Ukrainian delegations regarding the Russia-Ukraine "peace plan" has concluded. US Secretary of State Rubio stated after the talks that the meeting with the Ukrainians was "productive." "We still have more work to do," he said. "We maintain contact with the Russian side at varying levels."On November 30th, OPEC+ stated in a press release that OPEC+ countries agreed at their meeting on Sunday to maintain the group-wide oil production quotas for 2026 and to establish a mechanism to assess the maximum oil production capacity of member countries. The OPEC+ meeting, which accounts for half of the worlds oil production, comes as the United States is working to broker a peace agreement between Russia and Ukraine, and an easing of US sanctions against Russia could increase oil supplies. According to another statement, the eight OPEC+ countries that previously announced additional voluntary production adjustments in April and November 2023—Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman—held an online meeting today to assess the global market situation and outlook. These eight countries reaffirmed their decision of November 2, 2025, to suspend production increases in January, February, and March 2026 due to seasonal factors.OPEC+ representative: OPEC+ has confirmed its plan to suspend production increases in the first quarter of next year.Google (GOOG.O) has postponed the opening of its London “ground-level skyscraper” headquarters.

Forming Potentially Bearish Reversal Top

Cory Russell

Jul 25, 2022 15:22

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Late in the trading day on Friday, September E-mini Dow Jones Industrial Average futures are trading lower after giving up previous gains. The blue chip Dow had a sharp decline as the S&P 500 Index and NASDAQ Composite Index experienced a sharp decline as technology equities fell as a result of disappointing earnings results from Snap and Twitter.


September E-mini Dow Jones Industrial Average futures are trading at 31772, down 235 points or 0.73 percent, as of 17:53 GMT. From an intraday high of 32193, this is now lower. The SPDR Dow Jones Industrial Average ETF (DIA) is down $1.33 or 0.41 percent, trading at $319.08 today.


In stock-related news, shares of Intel Corp. and Verizon Communications are both down close to 3.5 percent. Apple is down over 1.0 percent, while Microsoft is down more than 1.5 percent.


Procter & Gamble and American Express are the only companies outperforming the market, both up by about 2.0%.

Economic Information Influences Attitude

Following the publication of additional discouraging economic statistics, doubts about the status of the American economy as well as concerns about profits affected confidence.


The U.S. PMI Composite output index, which analyzes activity in both the manufacturing and service sectors, recorded a preliminary value of 47.5, which indicates declining economic production. The index has not been at that level for more than two years.

Swing Chart Technical Analysis for the Day

The daily swing chart indicates that the overall trend is upward, but the price action in the late session indicates that momentum may be changing to the negative.


A transaction through 32193 will indicate that the uptrend has resumed. If 30109 is crossed, the primary trend will shift to being downward.


Smaller trend is similarly upward. The minor trend will turn downward if there is a trade through 31504. The downward momentum will change as a result.

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