On the multi-year chart, note the XLEs have clearly broken their multi-year bull run.
On the yearly chart, note the XLEs hung-on until early September before breaking their uptrend. Traders rode this sector hard for the duration of this expansion, meaning they probably took profits in this area last.
On the three month chart, note the following:
-- Prices are below all the SMAs
-- All the SMAs are headed lower
-- The shorter SMAs are below the longer SMAs
Bottom line: this is a bearish chart.
