The XLF long term view:
The XLF closed below the 50 DMA on 3/21/17 and has NOT closed back above since.
Our short term bounce zone @ 23.49-23.36, 23.21 with the 3/27 low @ 22.97.
Our next long term support level @ 22.86.
Our long term bounce zone @ 22.12-21.36
This was sent on 4/5
“XLF has some resistance @ 23.85 (.382 level) then the 50 DMA @ 24.10,
The 20 DMA @ 24.11 and our selling zone @ 24.13-24.41
Can this market make new highs without the banks?
I doubt it “
A Short term oversold condition did occur as the XLF traded inside our short term bounce zone with 23.36 holding SO FAR.
Short term bounce? …..Long term lower!
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