One of the noteworthy developments in recent days has been the move in financials. The Financial Select Sector SPDR Fund (XLF) fell for a 12th straight session on Tuesday, extending what had already been its longest such streak on record, down 0.3 percent to close at 26.69, its lowest close since November 2017. Now the question is whether the recent selloff is a pause that refreshes or it’s a beginning of something worse? Below is an update look at a trade in XLF.
The graphic below is from our “U.S. Market Trading Map”, show the near-term technical bias and trading ranges. As shown, the underlying is in a short-term bullish trend when the price bars are painted in green. The underlying is in a short-term bearish trend when the price bars are painted in red.
Chart 1.1 – Financial Select Sector SPDR Fund (weekly)
Our “U.S. Market Trading Map” painted XLF bars in red (sell) – see area ‘A’ in the chart. Alter a strong run of outperformance since early 2016, XLF peaked in late January 2018 and rolled over. Over the past few weeks, XLF…Click here to read more.
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