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Oil prices remained near two-year highs as the shutdown of the Keystone pipeline and a drawdown in fuel inventories pointed to a tightening market, despite rising output. Energy stocks caught a bid Wednesday that saw the Energy Select Sector SPDR Fund (XLE) rose 0.4 percent to 67.69, bringing its YTD loss to more than 10 percent, underperformed the S&P by a wide margin. Now the question is whether rally has more legs? Below is an update look at a trade in XLE.

The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.

Chart 1.1 – Energy Select Sector SPDR Fund (daily)

Our “U.S. Market Trading Map” painted XLE bars in red (sell). The ETF sold off after the late October rally ran out of steam near the 50% Fibonacci retracement of the 2016-2017 downswing. The November correction found support near the prior low set in late October. Last week’s rally pushed XLE up against…Click here to read more.

You see, our trend-following system is very unique as it attempts to pick turns before others see them. Timing is everything and if you’ve applied our system correctly, you should have made a killing in any markets.


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