XLE breaking down from Ascending Channel - global slowdown?

SPDR Select Sector Fund - Energy Select Sector (AMEX:XLE)

AMEX:XLE SPDR Select Sector Fund - Energy Select Sector

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XLE just broke down from its ascending channel, which might be signalling that the market is pricing in a global slowdown.

XLE also broke down from an ascending channel in '08 and '14. In the case of 2008, SPX crashed. But in 2014, SPX traded sideways/flat for a while

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