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I shared with Premium members last week that a bullish ascending triangle was taking place in Energy ETF (XLE) and that a breakout should be owned. XLE has reflected relative weakness compared to the S&P 500 over the past 90 days, reflected in the lower left inset box.
This breakout is a positive for XLE, which could cause XLE to reflect some relative strength compared to SPY in the upcoming weeks. 2008 highs are the next key resistance level for this ETF, around 10% above current prices.