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After rallying off the summer lows and clearing the 200-day MA in early-September, SPDR S&P Oil & Gas Exploration ($XOP) stalled out after one thrust above the 200-day MA. Over the past few months the price action has deteriorated, starting with the uptrend line break in late October, which coincided with a break of the 50 and 200-day MAs. The 20-day EMA is now below the 50-day MA, and the 50-day MA is beginning to slope lower. We also see a series of lower highs and lower lows the past two months, signaling a reversal of the uptrend. At its current level, $XOP is not actionable on the short side, but it is worth monitoring for an entry on a bounce to the 200-day MA.

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