What is Energy Telling Us? $XLE $SPY

$XLE did not hit record highs with the S&P 500 last month.  It put in a lower high and has crumbled to 8 month lows.  I think we could be looking at the current level as a spot where we could get a reversal. Whether it lasts longer term is debatable, but $XLE is right at long term support ,  if there was a time for the ETF to reverse course it would be right now.

A break of the long term support line would further wreck equity prices going forward.


Known to most as Uranium Pinto Beans, Jason has more than 15 years under his belt of trading stocks, options and currencies. His expertise primarily lies in chart analysis, and he has a strong eye for undervalued stock. Because he’s got the ability to identify great risk/reward trades he usually enjoys taking the path less traveled and reaping the benefits from the adventure.

He is a co-founder of Option Millionaires, and he is best known for his weekly webinars with Scott, as well as his high level training webinars and charts found in the forums.

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