XLE/Energy

Energy got two boosts today 1) the Iranian escalation and 2) the Euro moving up (meaning the $USD moving down as most energy and crude are priced in $USD). However, XLE is looking a bit frothy here.

 XLE on the 1 min scale was the only 3C chart to confirm the move up albeit briefly before going negative and seeing some price downdraft. The Euro came to the rescue later with that seeming false breakout, but since, 3C is more negative now.

 The 2 min chart confirms the above chart.

 As does the 5 min.

 ERY, the inverse leveraged ETF on energy (short) is showing some near term strength as it tests the lows with a leading positive divergence.

The 5 min chart confirms. I'd keep an eye on this one, there may be a quick hit and run trade setting up