Energy Equities

There is no doubt that the S&P 500 Energy Sector is Thursdays Chart of the Day. The move in Energy Equities was VERY important.  Let's look at the XLEs...the S&P 500 Energy Sector ETF.  The $60 level is almost exactly where it found a bottom in August and September.  This year $58.25 became a very precise short term resistance level.  Today it was decisively broken and the XLEs closed at $59.48.  Now we need to watch how they deal with the resistance that is around the $60 level over the next week or two.  If this level is broken and held it could be an early indication of a big long term reversal in Energy Equities.