11am update - Oil remains a problem

Despite equities breaking into the sp'2070s, there remain a number of rather huge bearish issues in the immediate term, not least of which are weakening Oil prices. WTIC is around 4% lower, in the low $43s. Metals have already turned red, Gold -$2.


sp'60min

USO, weekly'2

Summary

*weekly 'rainbow' candles are now decisively red... we're surely headed for sub $40 WTIC in the immediate term.
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Suffice to say... lower oil prices are causing real problems in energy stocks.

Sooner or later this week... the main market is going to be dragged down too.
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Notable weakness: NFLX -3.4%.. on a down grade.
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11.12am... Price structure on the hourly equity cycle is a clear bullish F flag... the issue now is... whether that will also fail and break lower.. as we saw early Friday morning.