US equities are choppy, battling to build a s/t floor. Meanwhile, WTIC is currently +0.7% in the $83s. The energy sector ETF of XLE is currently net lower for the week by -1.4% at $76.53.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $82.40, if recovering to the $83s. The weak main market, and the broadly strong dollar aren’t helping. Oil remains short AND mid term broken.
XLE: energy stocks are moderately higher. M/t bullish… unless <72s. Its difficult to see the latter holding if sp’3400 or lower.
notable stock: OXY
Struggling to the sector. Cyclically low.
–
notable stock: XOM
Reflective of the sector. Cyclically low.
–
Equities: sp’60min
S/t momentum is trying to flatten out, and its possible might even turn positive before the weekend. Powell is due 2pm Friday… difficult to fathom how much attention that will receive.