XLE Update for 02.24.2008

SELECT SECTOR SPDR ENERGY ETF - XLE

Monthly chart shows large bearish engulfing candle off the $81 area resistance high. Current month's price action shows strength, as bulls managed to keep price above the small up trendline in place.

Weekly chart shows eager bulls gapped up the price this week, and managed to hold the support of the 8ema.

Daily chart shows bulls started off the week strong, but were soon met with bears who took back most of the gains for the week. Friday's price action shows a doji/harami, indicating indecision between the bulls and the bears. Look to next week for better direction.