US equity indexes are turning negative, for what is yet another failed bounce. Meanwhile, WTIC is currently +0.1% in the $86s. The energy sector ETF of XLE is currently net higher for the week by +4.6% at $65.35.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed a new multi-year high of $88.54, if cooling back to the $86s… pressured by the stronger dollar. Black candle… s/t bearish!
XLE: energy stocks broke new cycle highs, but many are cooling back. The sector is s/t very over-stretched.
notable stock: SLB
A new multi-year high, but we have a full reversal. S/t very over-stretched, and even the bold will be waiting. The stock/sector is supportive of a main market vulnerable to far lower levels.
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Equities: sp’60min
We’ve turned red. S/t momentum due to turn negative by 2pm, and that is a problem that will likely carry across into Friday.