After surging off its February lows through late May, the S&P 500 Energy sector (XLE) went into a sideways trading pattern for much of the summer.  The ETF’s sideways range was between $63 on the downside and $70 on the upside.  Just over two weeks ago, the ETF tested the bottom of its sideways range, and the support held.  Now today, the ETF finally managed to break through resistance at $70 at the top of the range.  Energy bulls can rejoice for the time being.

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