This morning, most of the leading energy stocks are trading slightly higher on the trading session. Leading energy stocks such as Exxon Mobil Corporation (NYSE:XOM), ConocoPhillips (NYSE:COP), Chevron Corporation (NYSE:CVX), and Suncor Energy Inc (NYSE:SU) are all trading flat to slightly positive today. Traders and investors should note that the energy sector accounts for roughly 16.0 percent of the S&P 500 Index. This tells us that if the energy stocks decline it will generally signal weakness in the major stock indexes.
One of the most important ETF’s that any trader can follow is the Energy Select Sector SPDR (ETF) (NYSEARCA:XLE). Today, the XLE is trading unchanged at $69.55 a share. Should the XLE decline intra-day short term traders can watch for intra-day support around the $69.40, and $69.00 levels. Traders should note that the XLE and most of the leading energy stocks will usually trade invers to the U.S. Dollar Index.
