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SP500 Financials Weekly: Near Break Down ?
January 14 ( From TradingView )
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The Financials are quite crucial to follow as it makes 16.3% of the
SPDR® S&P 500® ETF...
We are still within a Huge Weekly Downward Channel since
December 7 2015 on the XLF ETF ( Financials) with 21.62 as
support and 23.80 as resistance. ( See chart below - Downtrend Channel )
We are quite near of October 13 week 2014 low that was made at
the 21.55 level; close of January 13 2016 was 21.72. Also at the
support trendline that started back since February 2015. ( See first chart below - Grey Trendline )
SP500 financial sector ( XLF ) is underperforming tremendously the Mighty SP500 Index
(SPY ETF) since November 30 2015 week on that relative performance ratio as shown
by the second chart below.
But the most interesting technical factor is that as the XLF is near the October 2014 low, we are at the same time near the Major Support Trendline on a Relative Basis ( XLF over SP500 Index ). It is critical for Bulls to stay over the Support on a Weekly basis. ( See second chart below - Bottom Blue Trendline - Ellipse )
SP500 Financials Weekly: Near Break Down ? $SPY, $XLF #Trading #Investing #xlf #SP500
SP500 Financial Sector SPDR (XLF)
over SP500 Index (SPY ETF)
XLF - Financial Select Sector SPDR