That is what this reflation has, a lack of participation from the Energy patch.
Daily XLE is trending down by both of its key moving averages. It is curling below the SMA 50 and it’s cooked if it loses 34.
Weekly XLE is a classically bearish chart, having bounced to strong long-term resistance before dropping anew.
Monthly XLE shows more clearly how heavy that resistance is.
Refuting this grim picture is the work of a couple of analysts I linked to back in May. See Oil Supply is About to Collapse. But as yet the double barreled would-be tailwind of their analysis and the Trump/Treasury/Fed triumvirate’s balls out reflation attempt has failed to help the Energy patch.
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