US equities are moderately lower. Meanwhile, WTIC is currently -3.3% in the $47s. The energy sector ETF of XLE is currently net lower for the week by -2.4% in the $37.95s.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $46.25 in early morning, pressured by the weak main market, but also the bouncing dollar. Broadly, the door remains wide open to psy’50 before year end, with secondary of the $52s.
XLE: energy stocks hit with the main market, but broadly.. the June $45s appear set to be broken above in early 2021.
notable stock: OXY
Occidental hit with the sector. On a grand perspective, other than psy’ levels, there is no major resistance until the $46s. I’ll keep stating that until most don’t see it as ‘crazy talk’ any longer. That will probably be sometime in March/April.
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Equities: sp’60min
We’ve already tagged the lower end of opening gap… pretty impressive. The late afternoon will threaten a secondary cooling wave, as the bigger daily cycles offer somewhat lower.