The SPDR S&P Oil & Gas Exploration & Production ETF (Ticker: XOP) is a play on the energy sector. The XLE ETF is also an option.
The below chart is a weekly chart of XOP.
As of today’s open, energy ETFs are likely to drop 5-7%. This is short-term bullish for the markets.
The overlaid red wave forecast is a composite of cyclical exogenous data removed from direct influence of oil and gas cycles.