Chart o’ the Day: Energy over Tech?

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Crude oil looks like it might break out to the upside.

If it happens, the timing couldn’t be better now that Big Tech is out of commission. Momentum traders may gravitate toward the energy names as they abandon dozens of broken charts over in the QQQ’s.

Here’s West Texas crude oil (top pane) vs a ratio chart of energy stocks / S&P 500 (second pane) vs the energy sector on its own (bottom pane).

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