04
Dec
Wrap – Week Ended 12/02/22
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We are still traveling. The Monday post will be out the usual time.
OPEC maintained the same stance and will meet again in 6 months as per their prior plan.
Questions and comments under The Wrap will be addressed in the Monday post.
Have a good rest of the weekend,
Z
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Broad Market..Quiet Sunday night so far.
S&P Futures Major supply and resistance at 4142. Breadth and demand volume remain supportive.
Daily
https://ibb.co/SyS9bM5
XLE Breadth and demand volume came off last week. Price momentum rolled over into a higher trading range.
December 4th, 2022 at 8:09 pmDaily
https://ibb.co/PWnRDXT
Breadth
https://marketcharts.com/page/6009f5e8
OIH..Trying to establish a higher trading range. Demand volume and breadth came off last week but did not follow through to the downside.
Daily
https://ibb.co/mqycjhM
Breadth Breadth numbers are still strong.
December 4th, 2022 at 8:17 pmhttps://marketcharts.com/page/5a443677
XOP Breadth and demand volume continued to fall off last week. Testing support now around last months trading range lows at 147.50 level.
Daily
https://ibb.co/Pgt6YKT
Breadth
December 4th, 2022 at 8:27 pmhttps://marketcharts.com/page/6de10a14
TAN Trading in balance at major long term acceptance. Demand volume supportive of higher
December 4th, 2022 at 8:32 pmDaily
https://ibb.co/XbMgbWt
WTI Returned to its value range after being extended to the downside. Low volume oversold bounce so far. Value Range 80-93. Up 2% so far tonight.
December 4th, 2022 at 8:48 pmDaily
https://ibb.co/SttmxjS
NG Last week’s early rally sold with some volume..Back in it’s recent value range.Support at 5.72 goes back to early November..
December 4th, 2022 at 8:54 pmDaily
https://ibb.co/ZfBthc9