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Energy Select Sector SPDR Fund

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XLE: Potential short setupXLE is right at an 8 month level, and about to hit a key level resistance, so I'd like to get short with a wide stop loss speculating on confirmation of the downtrend continuation in the monthly. You can see the 50% speed line of the recent decline on chart, which would be good to see price respect to stay short or enter shorts here. Volatility is high, so stick with the 3 ATR stop on chart. Check out my updated track record here: pastebin.com If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year. Cheers! Ivan Labrie Link to Tim West's chatroom: www.tradingview.com We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask. Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
AMEX:XLEShort
by IvanLabrie
XLE: Running Out Of Energy?I feel the XLE has just about run out of steam. There is substantial resistance at $70. A five wave harmonic pattern with three a-b-c corrective waves has just been completed. This configuration has not yet rolled-over, but I think it will as the price approaches the 89 day moving average (golden-yellow line). For those of you who think the USD will get stronger, it stands to reason that the energy sector will get weaker. I hope this contribution has been helpful. May all of your trades go well. Don.
AMEX:XLEShort
by 649bruno
Two Charts That Indicate S&P 500 Sell-Off, Part 1: XLEWhen the S&P 500 was selling off in February, the Energy Sector, and its related components, sold down and formed a double bottom. There was worry that banks would be in trouble because of non-performing loans to the energy companies. Since then, the energy sector has rallied. The above chart is of XLE. The energy giants in XLE include XOM-CVX-SLB-KMI-EOG-OXY-APC-COP-PSX-TSO-BHI, and on and on. These are huge energy companies. If you chart these as individuals, most are weak. They are weak for many reasons. These include: too much supply and too little demand. Many have cut or eliminated their dividends. XLE has completed a five wave impulse pattern and corrective waves a-b-c are nearly completed. I believe this Elliott wave pattern will result in a down-side directional break of trend (located on chart above, at corrective wave "c", far right, near large red arrow near top of cloud). Not all indicators are negative, but the top indicator (RSI) is rolling over, the phase energy is weakening, and the alligator jaws (around $65.27 on above chart) are closing. Another negative, the Ichimoku Cloud is lower than structure to the left. Many of the energy companies individual (charts) are rolling over. They are getting weaker. Inter-market analysis suggests the following formula (from Don's book of logical assumptions)....... E = MC x 2. Translation: Energy = Momentum Change x 2 (XLE momentum change and XLF momentum change). To me, both are heading lower. This is part 1 of 2. Please move to Part 2, the chart of the XLF (Financials). I hope this has been helpful, entertaining, and informative. May all of your trades go well. Don.
AMEX:XLEShort
by 649bruno
Approaching daily sell zone63-64$ is a potential sell zone that includes Fibonacci level (61.8), minor structure and the 200 days MA. Previous candle closed a bearish engulfing or as Outside Bar pattern. A close below 62$ will probably trigger selling towards 60$ and 58$ (final target zone) Tomer, The MarketZone This analysis is part of the Weekly Markets Analysis newsletters To read more interesting technical reviews for the week goo.gl To subscribe to the newsletters - goo.gl Follow my blog - goo.gl Subscribe to my Youtube channel - goo.gl
AMEX:XLEShort
by themarketzone
Two trading scenarios to monitor during FOMC week $XLE reached the final target zone of the last bullish setup I published for it. AB=CD pattern was complete and now the price is testing a daily downtrend line. As we will open FOMC week, the first thing to monitor is where the price is related to 63$ (current resistance structure zone). If it'll be below it, we may see a short term pullback towards 60$ and potentially even to 58$. If it'll close above the trend line, we may see it continue towards the 66$, there it'll meet the 200 days MA. The two potential scenarios are shown in the chart. I'd much rather see $XLE declines to levels that will allow me to buy it before the price's next bullish wave. Tomer, The MarketZone This analysis is part of the Weekly Markets Analysis newsletters To read more interesting technical reviews for the week goo.gl To subscribe to the newsletters - goo.gl Follow my blog - goo.gl Subscribe to my Youtube channel - goo.gl
AMEX:XLE
by themarketzone
Continues to climb towards 60$. This is what you have to watch$XLE continues to climb towards 60$ I was covering $XLE throughout the last month and mentioned the AB=CD pattern completion near 60$ that the price was aiming for. Now, $XLE is struggling with the Fast SMA line that stands in its way and keeping it from reaching 58$ and 60$. My focus now shifts to 59.5$ and 60$ as potential sell zones for a pullback move. I'm still bullish Oil, but 60$ can lead to a 5-10% correction in the Energy sector with the two bearish harmonics combination. Tomer, The MarketZone Follow me on TradingView Subscribe to my newsletters - goo.gl Follow my blog - goo.gl Subscribe to my Youtube channel - goo.gl
AMEX:XLE
by themarketzone