Saturday, March 08, 2008

Energy Sector Update for 03.08.2008

SELECT SECTOR SPDR ENERGY ETF - ETF

Monthly chart shows uptrend remains intact for now.

Weekly chart shows increasing bearishness with last week's trading activity. Look for a test of the January low.

Daily chart better shows the increased selling momentum, as the bears gapped down the price at the open in their haste to exit their positions. Look for continued weakness and a test of the low and possibly lower.

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