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US equities find some life late but the weekly chart and seasonals are ominous

Closing changes for the main US markets:

  • S&P 500 -0.6%
  • Nasdaq composite -0.8%
  • Russell 2000 -1.7%
  • DJIA -0.4%

On the week:

  • &P 500 -4.8% — worst since week ending June 17
  • Nasdaq composite -5.5%
  • Russell 2000 -4.9%
  • DJIA -4.1%

Now for more bad news: There’s an outside bearish reversal on the weekly chart of the S&P 500 (and the Nasdaq as well).

SPX weekly

Saudi Arabia and Russia see $100 as a fair price for oil – report Reuters report, citing sources familiar

Oil has been catching a bit of a bid in the last hour and some of that is due to a report from Reuters highlighting the thinking of Saudia Arabia and Russian leaders.

Saudi Arabia and Russia, the de facto leaders of the OPEC+ oil producer group, see $100 a barrel as a fair price that the global economy can absorb, sources familiar with government thinking in the two countries told Reuters.

Japan is to use 3.5 trln yen in reserve funds for economic measures – Kyodo

Press outlet, Kyodo, is reporting that Japan is to use 3.5 trln yen in reserve funds for economic measures

– This comes after comments yesterday, from a senior Japanese ruling party official, suggesting a stimulus package of more than 30 trillion yen ($208.97 billion) is needed to address inflationary pressures in Japan’s economy – Full Story

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