11am update - battling to claw back above 2K

US equities remain moderately higher, helped by a market that currently perceives a weekly net oil inventory surplus of 3.9 million barrels as a positive. Oil is +4.5% in the $38s, but there will be huge resistance at the $40 threshold. Metals are off the lows, but remain weak for a second day, Gold -$7.


sp'60min

USO, daily2

Summary

Equity price structure is offering a large bull flag that extends back to last Friday's high of 2009.

The ECB would be the valid excuse to break >2009.. and test the 200dma.. currently at 2021.
--

notable weakness... SDRL, daily

For those chasing the $7s last Friday... its another bad day.

Capitulation in the oil/gas/mining/shipping sectors is still due.
-

time to cook