Bearish Notes In Energy

In addition to Techology and Utilities, Energy is one of three sectors that is bearish on our TRADE (3 weeks or less) and TREND (3 months of less) durations. The Energy Select SPDR ETF (XLE) continues to fall from September with a dead cat bounce occurring late last month. Our key levels to watch are Trade resistance at $71.64 and Trend resistance at $72.09. Our adage of “get the dollar right and you get a lot of other things right” applies to energy too. Watch the aforementioned levels as they get tested with the strengthening USD.

Bearish Notes In Energy - xle