US equities remain in minor chop mode. Meanwhile, WTIC is currently -0.6% in the $69s. The energy sector ETF of XLE is currently net higher for the week by +0.7% in the $56.13s.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $70.62, but has cooled back to the $69s. S/t over-stretched, and vulnerable with the main market. M/t bullish 75/76s, if not psy’ $80 by Aug/Sept’.
XLE: energy stocks seeing minor churn, with XLE breaking a new cycle high. S/t vulnerable with the main market.
notable stock: SLB
Schlumberger cooling back with the sector. Cyclically very over-stretched. Momentum prone to turning negative within 2-4 days.
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Equities: sp’60min
Chop chop… as the market is more than content to turn ahead of the CPI.