TECHNICALS -XLE

The markets continue to churn under the flatline and internals also show moderately bearish with 500 more losers than winners. Best performing sectors include oils, retailers and semis with the weakest being internets, airlines and biotechs.

Note the XLE as the oils trade near the recent highs, and mean reversion high/ low buyers/sellers may want to take some off the table as the 2 day RSI hits 86.

The OIH is not there quite yet as the recent high of 150 is still 4 or 5 points away.