State Street Energy Select Sect
Investment Thesis
XLE posted a lower high at $61.29 — failing to clear the 52-week peak of $62.56 — then broke below its 50-day SMA, while the XLE/SPY relative strength ratio simultaneously lost its own 50-day MA. Bearish momentum points toward a retest of the $55 support zone.
Catalysts to Watch
XLE peaked at $61.29 on May 19 (a lower high vs. the $62.56 52-week high) and reversed sharply, closing below the 50-day SMA ($58.43) on May 26 at $57.85. The XLE/SPY ratio dropped from 0.082 to 0.077 in under two weeks, crossing below its 50-day MA of 0.0839.
Why It May Work
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Timeline
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