US equities remain choppy, if leaning positive. Meanwhile, WTIC is currently -2.5% in the $63s. The energy sector ETF of XLE is currently net lower for the week by -7.8% in the $45.58s.
USO daily
XLE weekly
Summary
WTIC/USO: oil has printed $62.41, if recovering into the $63s. Support zone is 63/60 zone. Today’s higher dollar isn’t helping. We’ve seen an effective >20% retrace since early July.
XLE: energy stocks are still sliding with near zero sign of a s/t floor, with the mid July low (surprisingly) having been taken out.
*I hold long the sector via OXY, SLB, MRO, RIG. The one solace, at least I bought back from ‘reasonable’ levels. Those holding since early June have had a really rough time.
notable stock: OXY
Occidental reflective of the sector, with no sign of a floor/turn. RSI 28s, the lowest since Sept’2020.
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Equities: sp’60min
S/t momentum remains on the low side, as the setup favours the bulls into Friday-OPEX.