US equities remain broadly lower (the Trans continues to hold up). Meanwhile, WTIC is currently +0.3% in the low $69s. The energy sector ETF of XLE is currently net lower for the week by -1.4% at $88.47.
USO daily
XLE weekly
Summary
WTIC/USO: oil has printed $69.76, partly on the Iranians saying they will attack Israel before the election. So… we should expect something Friday night/the weekend. Upside resistance $72s, then 77/78s. Net higher for October by around +1.0%.
XLE: energy stocks are holding up well to the main market, clearly due to oil. Net higher for October by +0.75%.
notable stock: OXY
Occidental is struggling… early gains, but turning red.
Yesterday’s black candle played out.
The current candle is bearish engulfing.
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notable stock: XOM
Exxon has earnings early Friday, which should be fine.
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Equities: sp’60min
Cyclically… we’re on the VERY low side, as the setup offers a bounce.
I’d be open to a marginal lower low on Friday, or even next Monday… if Iran does attack Israel this weekend. More broadly… Mr Market will be prone to spiking upward on Wednesday.