US equities are choppy, if moderately lower. Meanwhile, WTIC is currently +0.6% in the $77s. The energy sector ETF of XLE is currently net lower for the week by -1.6% at $90.38.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $73.60, if bouncing to the $77s. Last week’s break below the Sept’ $76s was significant, and opened the door to the $62s. The latter looks realistic by mid December.
XLE: energy stocks pressured by (at least initially) lower oil, and the weak main market. M/t bearish unless <$82s.
notable stock: OXY
Reflective of the sector. The more cautious… will have quietly walked away last week.
–
notable stock: XOM
Whilst today’s candle is currently a reversal, I’m dismissive of it. Some basic cooling to 103/102 appears due.
–
Equities: sp’60min
We’ve a spike from s/t rising trend. A break can be expected.
Big yellow gap is the obvious target.