[Video] Energy Sector (XLE) Falters at $50 (WTI, TSLA)
Matt Simpson August 3, 2021 1:56 AM
WTI futures were -3% lower overnight due to weak manufacturing data from China and the US. Although price action on the ETF XLE may be the better play for bears.
In today’s video we revise our analysis on Tesla (TSLA) after it finally broke above $700 resistance. We then look at WTI futures and highlight today’s pivotal level, then finish up on SPDR Select energy sector ETF (XLU) as we suspect a swing high has formed.
S&P 500: Market Internals
S&P 500: 4387.16 (-0.18%), 02 August 2021
- Utilities (0.74%) was the strongest sector and Materials (-1.17%) was the weakest
- 4 out of the 11 S&P 500 sectors closed higher
- 5 out of the 11 sectors outperformed the S&P 500
- 7 out of the 11 sectors traded lower on the S&P 500
- 212 (41.98%) stocks advanced and 291 (57.62%) declined
- 85.35% of stocks closed above their 200-day average
- 61.19% of stocks closed above their 50-day average
- 59.8% of stocks closed above their 20-day average
- + 6.58% - DXC Technology Co (DXC.N)
- + 4.55% - Fortinet Inc (FTNT.OQ)
- + 3.94% - Ralph Lauren Corp (RL.N)
- -11.2% - Global Payments Inc (GPN.N)
- -6.66% - Fidelity National Information Services Inc (FIS.N)
- -4.66% - Fiserv Inc (FISV.OQ)
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