Now a walk down memory lane, the commentary is from July 1, the charts are current:
...XLE-The Energy Select Sector SPDR ETF, $74.03 down $1.13 and $2.33 above the Jan. 14, 2015 $71.70 multi-year low:
XOP- The SPDR S&P Oil & Gas Exploration & Production ETF, $45.13 down $1.53 and $3.50 above the January low.
A break below the prior lows opens the
The verbiage was from July 1st's "Major Oil ETFs Nearing Collapse (XLE; XOP)", which turned out to be a pretty good call.
The XLE bottomed at $58.74 on August 24, down 20.6% in 55 days as we did indeed break below those prior (January) lows.
The top of the channel for the XLE is not very resistant to upside breakouts as it is, let's face it, just a line
drawn between two points but it bears watching as a spot something could develop.