3pm update - Oil remains weak

Whilst the main indexes look set to close another pomo-Tuesday with moderate gains, Oil remains especially weak, with USO currently -0.9% @ 33.55. Anything <33.40 would pose a problem, effectively breaking the trend that has endured since mid April.


sp'60min

USO'60min

Summary

It looks like we're just forming a baby bull flag on the hourly index charts.

There is no reason why we won't be higher by the Friday close, somewhere in the 1650s.
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*with the EIA oil report due tomorrow @ 10.30am, I am very wary of taking on a long position.

So, I shall wait, and see if we get a brief drop tomorrow, before the next cycle higher.


UPDATE 3.30pm... Oil -1%, with USO 33.52. Hmm, oh well, just have to see how it trades tomorrow morning.
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back at the close.