US equities remain significantly higher. Meanwhile, WTIC is currently -0.8% in the $44s. The energy sector ETF of XLE is currently net lower for the week by -4.4% in the $37.21s.
USO daily
XLE weekly
Summary
WTIC/USO: oil printed $44.12… notably lagging the main market. Broadly though, the recent break >44.00 means the door is wide open to psy’50, which appears realistic before end year.
XLE: energy stocks are catching a bounce after a rough Monday. S/t bullish. To see the sector as m/t bullish, I need to see three monthly settlements above the monthly 10MA, and that will take until the end of January. By then, we should have challenged, if not surpassed the June $45s.
notable stock: XOM
Soft target is psy’50, and then the June $53s. The bolder will lean to the oil/gas serv’, such as SLB and EOG.
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Equities: sp’60min
We’re clearly set for net daily gains of some degree. S/t momentum is on the moderately high side.