All Eyes Should Be On Big Energy
The important energy sector accounts for roughly 16.0 percent of the S&P 500 Index. Today, most of the leading energy stocks are declining lower at the start of the session. Exxon Mobil Corp (NYSE:XOM) is the leading stock in the sector. This stock also has the largest market capitalization in the stock market at $406 billion, so it is safe to say that this stock carries a lot of weight in the markets. Day traders should watch for three important support levels on XOM at $91.00, and $90.45, and $89.43. These are all levels where XOM stock could bounce intra-day.
Some other leading energy stocks that are declining lower today include Devon Energy Corp (NYSE:DVN), ConocoPhillips (NYSE:COP), BP plc (NYSE:BP), and Suncor Energy Inc (NYSE:SU). Traders should follow XOM very closely as it is the leader of the industry group. Should the energy stocks decline further it will help to pull down the major stock indexes much further.