The SPDR S&P Oil & Gas Exploration & Production ETF (NYSE:XOP) hit a near-term corrective low at 34.13, then in reaction to what the industry perceives will be less-regulated Trump energy policies, the price structure thrust back above its up-sloping 200-day EMA -- now at 35.69 -- into what my pattern and momentum work indicates is the initiation of a new up-leg, which should quickly climb to retest 16-month resistance at 38.50-39.50.