2pm update - Oil in a minor retrace

Whilst equities continue to see minor weak chop, there are notable significant declines in Oil, -1.7%. Yet.. the broader trend remains strong, with WTIC Oil headed for the $60 threshold by mid May. Metals have built moderate gains, Gold +$7.


sp'60min

USO, 60min

Summary

*with the API report after the close... and the EIA report tomorrow (10.30am).. Oil remains vulnerable to further weakness. However.. any such retraces are arguably buying opportunities.
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Little to add. Equities are in mere Tuesday chop mode. A break above key resistance of sp'2111 looks due before the weekend.

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notable weakness, coal miners, BTU -5.5%.. set to break new multi-year lows