Always consider hidden risks
SP500 Financials Weekly: No Market Participation ?
February 2 ( 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 (SPY)...
We are still within a Huge Weekly Downward Channel since
December 7 2015 on the XLF ETF ( Financials) with 20.15 as
support and 23.53 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 February 2 2016 was 21.63. Also near 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, few of us realize that we broke already the Major Support Trendline on a Relative Basis (XLF over SP500 Index - SPY). I rarely seen a Bull trend without the Financials Participation... ( See second chart below - Bottom Red Trendline - Ellipse )
SP500 Financials Weekly: No Market Participation ? $SPY, $XLF #Trading #Investing #xlf #SP500
SP500 Financial Sector SPDR (XLF ETF)
over SP500 Index (SPY ETF)
XLF - Financial Select Sector SPDR