US equities remain choppy, still mostly leaning on the weaker side. Meanwhile, WTIC is currently -1.4% in the $71s. The energy sector ETF of XLE is currently net higher for the week by +3.0% at $56.79.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $73.34, but swung to $71.28, partly pressured by the main market, but also the stronger dollar. Next resistance 74/75s.
XLE: energy stocks cooling back with the main market and oil. A test of the $59s is still realistic before year end. A 2021 settlement >60 would be decisive, and give confidence into next spring.
notable stock: XOM
Exxon reflective of the sector. Today’s drop just makes for a retrace after five days of gains. Momentum due to turn positive. All that is missing is a resumption of the dividends.
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Equities: sp’60min
S/t momentum is on the low side, as the setup favours the bulls. To be clear though, I’d remain open to orange gap.