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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...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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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.