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                



Communication Services XLC



Consumer Discretionary XLY



Consumer Staples XLP



Energy XLE



Financials XLF



Health Care XLV



Industrials XLI



Materials XLB



Real Estate XLRE



Technology XLK



Utilities XLU



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.