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The S&P 500 Energy sector had been propping up the S&P 500 as a whole this year, but today the sector finally made its impact felt on the negative side with a huge decline of more than 3.5%. As shown in the chart of the sector below, the tight uptrend channel that had been in place since last December was broken today, and broken significantly.

As Crossing Wall Street pointed out earlier today, it was so bad for the sector that Exxon Mobil (NYSE:XOM), the sector's largest stock, lost more in market cap than most other companies are worth.

Click to enlarge

Source: Energy Sector Crushed