Energy holding up extraordinarily well despite WTI Crude selloff

**Apologies, due to a technical error you may not have received Mark's note last night.

The near-term moment of truth is approaching for SPX, as it was discussed how 3800 area should be initial strong resistance for this rise (Technically 3820 for S&P Futures, 3807 SPX cash). Overall, it’s encouraging how well various sectors are holding up lately, with Financials and Industrials showing sharp gains over the past week and outperformance over SPX. Yet, $XLK has been one of the stronger SPDR S&P ETFs over the rolling one-week period and seeing more evidence of Treasury yields and US Dollar rolling over would give even more conviction to the idea that a larger Equity bounce is getting underway.   At present, the current tactical bounce remains part of ongoing downtrend from August, and more technical progress needs to happen to exceed early October highs to be able to start projecting higher into December.  I suspect that a challenging time could be approaching between Friday and early November, yet I remain bullishly positioned, looking to buy pullbacks for a rise into December.  Any near-term weakness likely holds 3600 before turning back up, but 3800-20 is the first meaningful resistance.

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