US equities remain significantly lower. Meanwhile, WTIC is currently -3.5% in the $94s. The energy sector ETF of XLE is currently net lower for the week by -2.7% at $77.94.
USO daily
XLE weekly
Summary
WTIC/USO: oil cooled from the $98s to $92s, as Mr Market is washing out the more resilient bulls. There remains little reason to see oil (and most other commodities) as m/t bullish.
XLE: energy stocks lower with oil and the main market. Still m/t bullish. Note the 10MA in the $74s.
notable stock: OXY
Reflective of the sector. Broadly… price action remains consolidation… which sure ain’t bearish.
notable stock: RIG
Transocean lower with the sector. S/t cyclically low. I’m inclined to pick this one up… with SPX <4400.
—
Equities: sp’60min
S/t momentum is on the moderately low side, but even the very bold will NOT be buying/adding ahead of CPI. Tuesday threatens a gap lower into mid 4300s. I don’t expect anything lower than that, this side of Easter.