Energy Select Sector SPDR Fund

  • XLE

  • $97.12

  • +0.81%

  • $96.78

  • $97.85

  • $96.54

FSI Sector Allocation

Ticker Appearances

Mon, November 4, 2024 | 12:36PM ET

⚡ FlashInsights

Mon, November 4, 2024 | 12:36PM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
Big news over the weekend concerned OPEC+ delaying the return of Output reduction by one month and Crude bouncing also potentially on news of retaliation by Iran to attacks by Israel post the US Election. As daily WTI Crude (front month) futures charts show, the decline in October was likely a clear five-wave decline. Thus, while a minor bounce is underway, it likely won't prove too strong before another pullback down to new lows in December. Volatility has risen for Crude, but not unlike what's being seen in many assets ahead of the Election. Technicals for both Crude and Energy as a sector are negative into next year, and bounces should be seen as temporary before prices turn back lower. (CL 0.36% _F) XLE 0.81%  OIH 2.60%
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Tue, October 15, 2024 | 9:34AM ET

⚡ FlashInsights

Tue, October 15, 2024 | 9:34AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥
Following up on last night's discussion of Energy, reports are citing Israel saying that it won't target Iran's Oil facilities, which is resulting in C N/A% rude falling 5%. While oversold on an hourly basis, this drop is damaging technically as it's brought Crude down to the lowest levels since early October. The decline which began last week on 10/7 should kick off a decline down to 50 in WTI or lower, and Energy remains an underweight. Any oversold bounce to 73-74 would face solid resistance before a decline to test and break early October lows near 66 en-route to the 50's. I expect XLE 0.81%  to begin to fall back down to test September lows near $83.
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Wed, October 2, 2024 | 11:03AM ET

⚡ FlashInsights

Wed, October 2, 2024 | 11:03AM ET
Mark
Mark L. Newton, CMT AC

Head of Technical Strategy
🔥 🔥 🔥
Lot of investors wondering if C N/A% rude is bottoming, and i do NOT feel this is the case technically, though i can make the case for another 2-4 days of gains back up to 73.45-74.50 before this peaks and goes back to the lows. Structurally this remains bearish, Elliott patterns suggest a good likelihood of $50 oil, DeMark exhaustion is not in place and cycles remain bearish until Summer 2025. Thus, while a short-term bounce is certainly underway for Energy as a sector as Geopolitical risk has elevated, i don't suspect this will prove long-lasting. Technically speaking, bounces would be used to Trim/take profits/hedge Energy as of early next week. (CL 0.36% _F) OIH 2.60%  XLE 0.81%
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