Oil remains weak overall and so do the energy related ETFs (XLE, XOP, XES). The chart below shows the Oil & Gas Equip & Services SPDR (XES) hitting a new low in October and then consolidating with a triangle. The pink lines show the Bollinger Bands narrowing like a noose around price action. The narrowing tells us that volatility is contracting and we can expect a volatility expansion to follow. Given the downtrend and the triangle, the odds favor a continuation lower.