Weaker crude oil continues to be a headwind for energy stocks. Amongst the 40 components which comprise the Select Sector SPDR Energy ETF (XLE), 77% are trading below both their 50-day median price range and 50-day moving average. The downward price trend in crude oil is likely to persist. Therefore, one should be highly skeptical of the sector’s recent rally. Unless it can establish and sustain a breakout above its bearish channel, the XLE’s recent bottom at $66.29 appears to be false until we approach the range of $61-$62 where more demand is likely. Should support fail at this level, then say hello to the the mid-50s.