Our proprietary energy cycle indicator turned down this week from the divergence as noted previously.

OIH (VanEck Vectors Oil Services ETF) is now on a sell signal.

XLE (Energy Select Sector SPDR Fund) is also on a sell signal.

XEG:TSX (iShares S&P/TSX Capped Energy Index ETF) also triggered a sell signal this week.

Summary
The energy sector cycle is now down, with sell signals in the ETFs. A multi-week correction is now in progress.