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U.S. equities are running into a major confluence of resistance after a weak rebound in recent days.

Until buyers step up and show some serious follow-through, sellers are likely to remain in control.

When looking at the most crucial risk-on groups, two sectors are approaching a resolution that could set the tone for the weeks and months ahead.

First, Large-Cap Technology relative to the S&P 500 is teetering just above the lower bounds of a two-year topping formation.

With Tech representing roughly 30% of the S&P, a breakdown here wouldn't just be a sector-specific issue—it could have broader implications for the entire market.

Adding to the concern, Home Construction $ITB, a critical...

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The energy sector has been the top performer this year, but no one seems to care.

The setup has been building for some time now.

Commodity Trading Advisors (CTAs) are holding one of their largest short positions in Crude Oil in over a decade. 

That’s a historic bearish sentiment.

When positioning gets this extreme, the unwind can be just as aggressive. 

Any shift in sentiment or a supply shock could set off a fierce short-covering rally.

The Large-Cap Energy ETF $XLE is probably the best equity vehicle to express a bullish thesis.

XLE has been coiling at a crucial resistance level for the past three years in the context of a 17 year...