Charts to Watch: SPX, XOM, AG

**Nicole** (0:00)
And joining me for that, Rachel Dashiell, Head of Technical Research and Strategy at Schwab Center for Financial Research. Look, we saw the S&P 500 with a winning week last week and hitting a record high, a close. On Friday was a record close. What are you watching now in the index?
Support, resistance, what's important to you, Rachel?

**Rachel Dashiell** (0:21)
Hi, Nicole, great to join you. Well, a couple of different things I'm looking at. The first is that prices, really finding resistance to the Dogee pause or indecision candle here, amidst a possible bull flag formation right at the first Fibonacci resistance around 77.60.
Now, a couple notable things about price action last week that are continuing to build into this week. We did see continuing strength and breadth. We did see that confirmation of the advanced decline line reaching all time highs in the index did. The one thing you really didn't see much confirmation of was a move higher in the RSI. Momentum is right now at the index level signaling a bearish divergence as it's not reaching those overbought levels, which are typically that signal of momentum and strength as it did with those previous highs. Now, that is a little bit of a warning sign or a yellow flag. And now at the very least, this means that price could be due for a little bit of consolidation around this level of resistance, which is what we've seen in the last few sessions. That gives it a momentum reset here. Now, on the other hand, I wouldn't be surprised if price pulled back on increasing volatility and retested its former resistance, now new support around 76.20, before possibly marching higher.
I think the latter situation is more likely to play out, especially if we can continue to see some continued strength in crude oil, increasing geopolitical intentions, and maybe a throwback to resistance in the dollar. I would say traders may be bracing for a little bit of volatility this week given the slew of economic data.

**Nicole** (1:58)
Okay, next up, let's look at what's going on with Exxon Mobil. In fact, I look at oil, three months down 13%, but one month it's been on an upward move, over 14%.
And today alone, gaining almost 5% is now we're above $82. And Exxon Mobil, in fact, is having its biggest percentage gain since April of 2025 Let's talk about Exxon, your thoughts here on the chart.

**Rachel Dashiell** (2:26)
Yeah, Nicole, you do make a few good points about crude oil in particular. There has been quite a bit of strength in crude oil today. It's not really met with a ton of widespread volumes. You're not seeing a notable increase in volume in the crude contracts, nor are you seeing this in energy stocks as well. But they are setting up for some possible tactical bullish reversals here. Now, Exxon Mobil in particular has been in a downtrend since reaching all time highs earlier this year. There's been significant improvement in repair, especially over the last month or so. It really went from making lower highs and lower lows to now forming higher highs and higher lows to create this slightly more bullish tilted inverse head and shoulder.
And of course, like I said, with crude prices really catching momentum and possibly setting up for a break of a falling wedge, you may see that Exxon Mobil is looking like it wants to follow suit. We see that MACD bullish crossover as price is approaching backline resistance around 160 Now a decisive break above 160 resistance could clear the way for a $20 move higher towards a measured objective of 180, just past all time highs. Now, this is just one of the names that I'm seeing across the complex. If you look at Chevron, Occidental Petroleum, APA Corp, ConocoPhillips, all of these have the same technical setup. I think it's just waiting for confirmation to see these bullish reversals here in energy stocks.

**Nicole** (3:56)
And it's really interesting because we are seeing as oil is moving higher, the energy names overall taking this leg up. And at the same time, we're really not getting much clarity on what's going on in the Strait of Hormuz, not getting that lasting resolution that everybody would like to see. We were also reporting about the Strategic Petroleum Reserves, Rachel, which I'm sure you saw was less than 300 million barrels now. And those are at the lowest point since 1983 after the latest release, along with the IEA. This is done in collaboration globally. But the big picture is as oil is creeping higher, that is bringing up some of these names.
Let's touch on the first Majestic Silver, please.