US equities remain in minor chop mode. Meanwhile, WTIC is currently -0.5% in the $70s. The energy sector ETF of XLE is currently net lower for the week by -7.7% at $83.32.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $72.92, but has cooled to $70.86. Set for a net weekly decline of around -10.5%. Support 66/65s.
XLE: energy stocks lower for a seventh consecutive day… which is largely in sync with oil. S/t bearish. Weekly momentum due to turn negative at next Monday’s open. Alarm bells if <$80
notable stock: OXY
Lower with the sector… as the 200dma is failing to hold.
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notable stock: SLB
Yesterday’s black candle played out. Orange gap due.
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Equities: sp’60min
The chop continues. The bear flag remains intact.