$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.