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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.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

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

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NOTABLE POSTS WITH IMPORTANT UPDATES...

Saturday, September 09, 2017

Financial ETF Still Churning After Failed Breakout

I last wrote about the Financial ETF (XLF) on July 11th.

Since then, it failed to hold a brief breakout above the 25.00 major resistance level (convergence of 40% Fib retracement and upper channel), as shown on the following Monthly chart.

Price is sitting at the bottom of the upper quarter of a long-term uptrending channel...a segment that it hasn't typically remained in for very long, or ventured above, since it began its long ascent from its 2009 lows after the financial crisis.

Major support sits around 20.00 (confluence of 60% Fib retracement and price level) and could be a downside target if price breaks and holds below near-term price support of 23.00, as shown on the following Daily chart. So far this year, downtrending RSI, MACD, PMO, and volumes have not provided the support needed for a sustained push higher.