Today’s Chart of the Day was shared by Mark Ungewitter (@mark_ungewitter). The Energy Sector has been the only place to hide this year, however, this week was an entirely different story. It tumbled more than 17%, marking its worst week since March 2020. This week's drop puts $XLE back below the former highs around $79. In other words, the market's strongest sector is dealing with a failed breakout. As we know, failed breakouts often lead to sharp moves lower. It remains the only positive sector this year, up a whopping 35%, however, it's already corrected about 20% over the past couple of weeks. Have the Bears found the Bull's last and only hiding spot?
Chart of the Day - Friday, June 17th, 2022
June 17, 2022
