Is that head-and-shoulder formation for XLE? https://stockcharts.com/h-sc/ui?s=XLE&p=D&b=5&g=0&id=p78311397670
From the March low, it got above 50-dMA but missed 200-dMA and is now back under 50-dMA. CVX and XOM account for 46.15% of XLE.
Looking at SP500, the cyclical rebound story worked from March 23 low to selloff on June 11. https://stockcharts.com/h-sc/ui?s=%24SPX&p=D&b=5&g=0&id=p98289722206
Seems many stock funds have a 'head and shoulders' technical pattern, AND are sitting on or penetrating down through their 200 day Moving Averages Lines. Bearish implications.