Energy Sector Update for 03.01.2008

SELECT SECTOR SPDR ENERGY ETF - XLE

Monthly chart shows uptrend remains intact.

Weekly chart shows current resistance at the .886 fib level. Potential double top here. Next week's trading action should give indication whether this current resistance will hold or not.

Daily chart currently shows an abc 3 wave pattern into the .886 fib resistance. Friday's price action shows increasing selling pressure, as the bears gapped down the price at the open and traded lower into the close, erasing most of the week's prior gains. Look for continued weakness next week.