US equities remain choppy, if mostly net higher. Meanwhile, WTIC is currently +1.2% at $78.24. The energy sector ETF of XLE is currently net lower for the week by -2.6% at $57.99.
WTIC, daily
XLE weekly
Summary
WTIC: a second day higher, printing $78.77. Next resistance… $80. Net bullish SPX… as oil generally trades inverse… we should be net bearish oil into early Sept’.
XLE: energy stocks are a little weaker. Weekly momentum remains marginally negative.
notable stock: XOM
Fairing worse than the sector
Current candle is hollow red, s/t bullish
Bulls can argue s/t structure is a multi-week bull flag
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notable stock: OXY
Momentum prone to turning positive
Bulls can argue s/t structure is a multi-week bull flag
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Equities: sp’60min
Choppy, if set for net gains of some degree.