Bulls, maybe skip this one. Only 7 times in 20 years have $SPY and $QQQ gapped down over 1% at the open while oil $USO gapped up over 5%.
6 of those came right before big drawdowns. 1 came before a recovery. We'll find out soon which bucket this joins.
Semiconductor ETF is likely to close the week with a classic reversal pattern (bearish engulfing after being above the 70 level in RSI(14)).
Late 2021 marked the start of a bear market, while the other occasions only led to small pullbacks.
Worth watching.