Although crude oil prices tested-- and so far have held yesterday's low -- the XLE (Energy Select SPDR) continues to plunge, with the big integrated oil companies like XOM, CVX, and COP leading the way down.

The XLE continues its slide after attempting to consolidate just below the 200 DMA at 56.15. My underlying oscillators remain in very negative juxtaposition, and my next projected target window is 53.25-52.80.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.