2pm update - Oil significantly lower

Whilst US equities are back into micro chop mode.. leaning a touch on the weaker side, there is far more significant weakness in Oil, -1.6% in the $45s. With the supply issue remaining completely unresolved... the threat remains of renewed downside.. aided by a strong USD.


USO, daily2

UUP, weekly

Summary

*the strength in the USD is something I've not highlighted in a while.

Clearly, a weekly/monthly close >DXY 100 will be a key signal..  after that is re-taken.. next target will be 120s.
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As for equities, there will very likely be a tendency for the market to cool into the close..whether we settle <2090... difficult to say.

What will be important for the equity bears... a break <2080 early tomorrow.. which would then offer a weekly close in the 2065/55 zone.. along with VIX 17/18s.

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notable weakness: DIS, -0.6% in the $112s.. ahead of earnings.