Thursday, December 22, 2011

XLF Update

SPDR Financial ETF
On Monday Dec 19th a chart was posted showing that the 'financials' had reached a 'decision point' The chart is replicated below with a parallel support line drawn that demonstate how prices found a low at the blue circle. This chart was based upon the September-October rally.

The lower chart is based on the October decline and projects the geometry ahead which will possibly demarcate the character of the current rally. 
It is quite possible that a double top around $13.50 will be another decision point for the financials.

Stay tuned.


1 comment:

scotty said...

Pete, have gold warning !!!
"Advance Warning"-- Gold Sell Signal
http://markethighsandlows.wordpress.com/2011/12/22/update-12-22-spx-gold-advance-warning-sell-signal/