US equities are choppy, with mixed indexes. Meanwhile, WTIC is currently -4.6% in the mid $70s. The energy sector ETF of XLE is currently net lower for the week by -2.4% at $90.59.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $69.71, on chatter that Biden is pressuring Israel to refrain from attacks on energy infra’… at least this side of the election. A secondary pressure is that OPEC issued a weak demand outlook. Daily momentum is due to turn negative on Wednesday.
XLE: energy stocks whacked lower with oil. Any main market downside will be a pressure.
notable stock: OXY
The 4th day lower of 6. Momo due to turn neg’ on Wed’
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notable stock: XOM
Lower with the sector. Momo due to turn neg’ on Wed’
S/t structure was a bear flag… and played out.
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Equities: sp’60min
Bears could argue we’re building a bear flag, ahead of renewed downside on Wed’.