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Wednesday, July 27, 2011
A Noteworthy Event...
A noteworthy event in support of a potential bearish equity scenario that I have my eye on is the possible cross of the 100sma below the 200sma (and holding below) on the Daily chart of the Financial sector ETF, XLF.
As I write this during market hours today, price is currently below 15.00...a level that is fairly important for XLF to hold if it is going to participate in any rally...however, as can be seen from the 4-hour chart below, it is firmly entrenched in a downtrending regression channel that began in February of this year:
It will be interesting to see the Financial market's reaction to the Beige Book report that is due out at 2:00p.m. today, as well as their reaction to any firm deal reached in Washington on the debt ceiling issue.