More importantly, a downward sloping trendline dating back to 2/18 lies just ahead. If XLF can't break through, look for a resumption of the downturn, targeting the mid-15s in the coming week.
Tuesday, May 3, 2011
Follow up on Financials
The XLF has so far failed to retake a long-term trendline from August 2010. It broke through support on 4/14 and has failed to rise above it four times in a row. And, the latest push up has been on declining volume.
More importantly, a downward sloping trendline dating back to 2/18 lies just ahead. If XLF can't break through, look for a resumption of the downturn, targeting the mid-15s in the coming week.
More importantly, a downward sloping trendline dating back to 2/18 lies just ahead. If XLF can't break through, look for a resumption of the downturn, targeting the mid-15s in the coming week.
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