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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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...If the dots don't connect, gather more dots until they do...




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Thursday, August 09, 2012

XLF Narrowly Averts Bearish "Death Cross" Formation (for now)

XLF, the Financials ETF, is currently trading in a "triangle within a triangle," as shown on the Daily chart below. I'll be watching to see if price pushes and holds above the smaller one. Apex support is at 14.74ish and Apex resistance is at 15.20ish. Also, a bearish "Death Cross" formation has been narrowly averted, so far.

Strengthening Financials are important to any further advance on the S&P 500 Index, in my opinion, and this ETF is one to watch over the next days/weeks, particularly since it is still trading in the October 2008 lows and has never recovered to the 2007 high of 38.15.