US equities remain in micro chop mode. Meanwhile, WTIC is currently +1.9% in the $81s. The energy sector ETF of XLE is currently net higher for the week by +2.1% at $86.79.
USO daily
XLE weekly
Summary
WTIC/USO: oil has printed $81.47, largely helped by a weaker dollar. S/t over-stretched, and vulnerable with the main market across Wed-Thurs’. We’ve a downside gap to the $75s, that should be fully filled.
XLE: energy stocks are sig’ higher, largely via oil.
notable stock: OXY
Cyclically high, but yes… Berkshire will have a bid on every cooling wave into the summer.
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notable stock: SLB
I see no news. Legacy red gap appears an eventuality.
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Equities: sp’60min
Chop chop… if leaning a touch higher. As of today’s close, the s/t cyclical setup will favour the bears… who should be seeking a Wednesday close under the daily 10MA (currently around 4080).