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Mike Paulenoff

XLE (S&P Select Energy SPDR, ETF) Follows Our Technical Expectations

On December 26, 2023, fellow MPTrader member FJB asked me the following question:  Mike - do you feel comfortable giving some of your top sectors for next year if you have any?  This was my response:In order of preference based on my technical setup work:1- XLV (Healthcare)2- XLB (Materials)3- XLE (Energy)4- XLI (Industrials)5- XLF (Financials)As of the close this past Friday, 3/15/24, YTD results showed XLV +6.58%, XLB +6.15%, XLI +7.06%, XLF +8.54%, and XLE (Energy) leading all sectors, at +9.27%.

Market Not Giving Up Just Yet

The market is trading relatively flat today and is still trading under the previous high at the 5188 level on the SPX. The overall price action remains relatively sloppy as it has been off of the 2/13 low. This sloppy and overlapping action is still supportive that we are dealing with an Ending Diagonal up off of that low. With this continued grind higher however we still do not have any signal that this Diagonal has put in a top just yet.

Still Trying To Keep This Simple

For now, it is clear that the market is holding the 5091SPX support we have been outlining of late.  Moreover, we have rallied right back towards the 5180SPX resistance, and backed off again.So, I do not think there is much more to say.  As long as we remain over 5091SPX, the bulls remain in control.  And, should they take out the 5180SPX resistance region, it will point us to the 5260-5285SPX region to complete the [c] wave of wave iii of this ending diagonal in wave 5.

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