- A very low volume session yesterday is thus far leading to further gains in the overnight session.
- Broader U.S. and European equity markets still look to re-test recent highs. Especially the S&P 500 looks to be able to recapture 1415 and likely 1420 before heading into bigger resistance.
- The chart of Apple to no surprise resembles that of the S&P which again makes it important to watch this stock for clues to the broader market in the near-term.
- Exxon Mobil is back at multi-year resistance level as energy titles and oil have rallied in sync in recent weeks. A break above resistance in XOM may be buyable, just keep in mind the high correlation to the broader market. Also, XOM currently is about 19% of the XLE sector ETF, which may be ab alternate way of playing this to the long side.
