US equities remain broadly lower. Meanwhile, WTIC is currently -3.0% in the $63s. The energy sector ETF of XLE is currently net lower for the week by -1.9% in the $52.47s.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $61.95, impacted by the weak main market, but also the stronger dollar. A test of psy’60/59s would not be a surprise. I still expect the March $67s to be broken above, and then onward to 75/76s.
XLE: energy stocks whacked with the main market and oil $61s. S/t bearish… m/t bullish.
notable stock: SLB
Schlumberger lower with the sector, as momentum is weakening. Psy’ $30 looks probable, where I’d gladly buy what I sold last Friday
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Equities: sp’60min
S/t momentum is on the very low side, as the s/t setup favours the bulls. The bigger daily/weekly cycles are increasingly bearish, and the threat is of a test of 4K within 1-3 days.