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TECHNICALS

SP500 Financials (XLF) : Broken Rising Wedge ?
August 24 ( From Tradingview )

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The Situation

SP500 Financials ( XLF ETF ) is trading within a downtrend channel
with 23.63 as support and 24.41 as resistance..

The XLF ETF tested and broke on August 21 on the dowside the
200 DMA ( Day Moving Average ) then at 24.50.
( See 1st chart below - Green Line 200 DMA )

Observe the underperformance trend since August 10 of the XLF over
the Mighty SP500: a Rejection of the Resistance Trendline on a Relative
Basis that goes back since July 23rd 2013. ( 2nd chart below - Ellipse ).

But the most interesting Technical Factor for me, it is that the SP500 Financials (XLF ETF) broke on August 21 a Major Support Trendline from a Rising Wedge then at 24.58 that started back on October 15 2014.
( 1rst chart below - Red Trendline - Ellipse ).

We are getting near the 50% Fibonacci Retracement at 23.59 ( from the low on October 15 2014 then at 21.55 to a high ever on July 23rd then at 25.62 ) on the SP500 Financials (XLF ETF). ( See 1rst chart below ).

SP500 Financials (XLF) : Broken Rising Wedge ? $SPY, $XLF #Trading #Investing #xlf #SP500

RATIO
SP500 Financial Sector (XLF)
over SP500 Index
21 DMA ( Red Line )

SP500 Financial Sector (XLF)
20 DMA ( Day Moving Average - Yellow Line )
50 DMA ( Day Moving Average - Red Line )
200 DMA ( Day Moving Average - Green Line )

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