Oil Surges

|
Posted: Nov 23, 2021 1:51 PM
Oil Surges

Source: AP Photo/Paul Sakuma, File

Growth continues lower after the outside session for the NASDAQ.  The most intriguing aspect of the session is the fact crude oil is surging from the news President Biden is going to fix crude oil and gasoline prices. 

S&P 500 Index                

 

-0.48%

Communication Services XLC

 

-0.58%

Consumer Discretionary XLY

 

-1.28%

Consumer Staples XLP

+0.43%

 

Energy XLE

+2.82%

 

Financials XLF

+0.95%

 

Health Care XLV

 

-0.46%

Industrials XLI

 

-0.34%

Materials XLB

 

-0.25%

Real Estate XLRE

+0.85%

 

Technology XLK

 

-0.35%

Utilities XLU

+0.40%

 

The NASDAQ is under pressure but it is so far above its 50 and 200 day moving averages, it’s hard to get nervous even as individual names are giving up huge chunks at a time.  For now there is a series of pockets of support that could slow the pullback.

To see the chart, click here.

It’s hard seeing this market rebounding into the close.  Let’s hold off.