Summer Swim is Downstream in This Sector

In addition to the transports, another part of the market we have been profiling for its persistent weakness of late would be the energy stocks, housed in the XLE sector ETF. 

While energy stocks have see spirited bounces at various times throughout 2015, after memorable swoons across the board late-last year, bottom-fishing bulls may not necessarily have accounted for another leg down from here.

For perspective, consider energy giant Chevron's monthly chart, below. The stock has sen a multi-decade bull run and just because it pulled in sharply last year does not mean it cannot plunge further if the monthly bear flag, highlighted, proves true.