US equities are battling upward. Meanwhile, WTIC is currently -0.1% in the $72s. The energy sector ETF of XLE is currently net higher for the week by +4.5% in the $54.20s.
USO daily
XLE weekly
Summary
WTIC/USO: oil is churning the 72/73s. Next big resistance of 75/76s clearly viable before end month. Things turn ‘real interesting’ with the $77s, which would offer open air to giant psy’ $100. I’d imagine that will make some of the cheerleaders a little bit twitchy that inflation might not be transitory.
XLE: energy stocks a little choppy, still mostly leaning upward. M/t bullish.
notable stock: OXY
Occidental remaining a sector leader. M/t bullish $46s, with secondary of 76/78.
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Equities: sp’60min
S/t momentum is on the high side… ahead of Powell (due around 2pm). I could understand a few ‘lightening up’, but the new historic high in the Nasdaq comp’ is not to be dismissed lightly.