Energy Sector Update for 03.22.2008

SELECT SECTOR SPDR ENERGY SECTOR ETF - XLE

Monthly chart shows selling pressure showing up.

Weekly chart shows increasing selling pressure as bears gapped down the open for the week. Bulls tried to take it back up but were quickly met with selling by the bears.

Daily chart shows short term support off the .618 fib level. Friday's price action saw the bears gap down the open of the trading day, but the bulls quickly overcame the bears, and closed it on Friday, right where the bears closed it the day before. Current still stuck in same consolidation/trading range. Look to next week for better direction.