Price action honing in on likely support at $82.75
Price action is currently stuck around the active Fibonacci support level of $83.35

Energy Select Sector SPDR Fund has lost 3.19% over the last 3 days. More of the same from yesterday's session: a tough session dominated by bearish sentiment left XLE $1.13 lower, while setting a $83 to $84.84 session range.

The fund has been trending positively for about a month. Energy Select Sector SPDR Fund is now trading 10.17% below its 3-month high of $94.08.

Energy Select Sector SPDR Fund made an initial break below its 200 day Simple Moving Average at $83.24, a possible indication of a forthcoming negative trend. Energy Select Sector SPDR Fund is currently flirting with an active Fibonacci support level around $83.35. On the other hand, note that Bollinger Bands® shows an indication of recovery: the lower band is at $82.63, a low enough level to, generally, suggest that Energy Select Sector SPDR Fund is trading below its fair value. Energy Select Sector SPDR Fund could begin to recover as it approaches significant support, now 78 cents away from $82.75. Dipping below could be an indication that further losses are ahead.

In general, examining the technical analysis landscape, although indicators are mixed further drawbacks may be next for Energy Select Sector SPDR Fund.

Fundamental indicators – Crude Oil Inventories in United States fell short of market expectations (-1.49 million) with a reading of -5 million, continuing the decline from the previous figure of -4.58 million.

In the meantime, negative performances are also seen in other markets, NextEra Energy crashes 4.82% yesterday and closed at $77.82. Raytheon Technologies falls 3.37% yesterday and closed at $101.09.

Positive performances can be seen by looking at other markets as Microsoft explodes 7.24% yesterday and closed at $275.42.

Upcoming fundamentals: today at 14:00 UTC data for United States Pending Home Sales will be released, with an expected decline to 0.5% from the preceding figure of 0.8%.