Energy Sector

Beyond Crude, the Energy Sector provided early support to the market, lets take a look at what's going on there via XLE.

 XLE 60 min shows the October rally hitting a top (island top) and the flag bounce since has turned down on a negative divergence. This is the longer term trend.

 The 30 min chart shows much the same, with the recent flag starting to unravel.

 The 15 min chart shows today's early strength was on a negative divergence and XLE has headed lower since the open.

 The 10 min chart just confirms this in more detail.

 The 5 min chart showing the divergence at the top as well as the flag falling apart, you can see there is no longer a diagonal channel, but rather it is rolling over.

And the 1 min chart, (intraday timeframe) shows the possibility of an intraday bounce. The weight of all the charts combined has a vert bearish slant.