US equities are moderately higher. Meanwhile, WTIC is currently -0.05% in the $83s. The energy sector ETF of XLE is currently net higher for the week by +1.0% at $58.52s.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed a seven year high of $85.41, if cooling back to the $83s. I’d be open to a washout to 77/76 (for whatever reason), whilst m/t bullish to giant psy’$100… which is clearly viable before year end.
XLE: testing major resistance of the $58/59s… last seen in summer 2019. S/t vulnerable. Secondary upside target 64/65s.
notable stock: OXY
Today’s candle is rather spiky, as the stock/sector is s/t overstretched.
—
Equities: sp’60min
S/t momentum is due to turn positive, which will probably hold the market up into early Tuesday. From there, the bears get another chance to swing things lower.