Even Energy Fell:
This week was a brutal one as seen on the chart below as all 11 major S&P sectors fell. The WEEKLY losses were powerful as technology and the financials each fell by more than 6%. They say that a bear market is not complete until all groups feel the pain so perhaps the fact that energy is slightly weakening here could be a welcome sign. On a YTD basis the XLE is still higher by more than 60%, not a typo, so the bigger they are the harder they fall phrase may come into play. For that ETF to come in we would need to see weakness in CVX and XOM. Chevron is now retesting a double bottom breakout pivot of 174.64 taken out on 5/25 and XOM held the very round par number Friday. It nearly achieved its measured move above an ascending triangle to 108 this week. XOM is a bit more extended from its 50-day SMA than CVX, now 10% from that line, so energy bears should be looking for some weakness in Exxon.