US equities are choppy, battling to hold gains. Meanwhile, WTIC is currently -5.6% in the upper $72s. The energy sector ETF of XLE is currently net lower for the week by -2.5% at $90.82.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $78.46… but has seen a very powerful downward swing to $72.69… and that didn’t need a red equity market. S/t bulls are getting washed out. I still see the real threat as the middle east, and I’d keep in mind last week’s weekly candle was bullish engulfing.
XLE: energy stocks smashed lower by the downside reversal in oil. Despite today’s decline, weekly momentum remains fractionally positive.
notable stock: XOM
Even Exxon can’t break a new hist’ high every day. Clearly whacked lower with oil. The cautious will have been stopped out.
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notable stock: OXY
Reflective of the sector.
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Equities: sp’60min
The s/t cyclical setup (more so for the 5/15min cycles) favours the bears.
The FOMC mins (2pm) would be an excuse for cooling into the close.