When compared to two weeks ago, Force Index (thrust energy) to the upside in XOP, has declined over 60%.
The pre-market shows that XOP may open higher. If so, it will be into dissipating bullish demand combined with confluence of resistance discussed in the last report.
The first hour of trade may let us know if XOP has run its upward course.
As always, price action is the final arbiter.
The anticipation is for a reversal … soon. If not, then it’s time to wait (as is being done with Biotech, IBB) until price action confirms the change.
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