XLF consolidation or will bulls continue to push up
TICKER: $XLF
Unlike SPY and QQQ, XLF confirmed its daily bull flag. However, we did see a red candlestick on Friday 12/13 to close out the week.
Could this be the first indication of consolidation for the market? Keep in mind the financial sector is one of the top three section in the market.
Also keep in mind that we closed green for ten weeks straight (see weekly chart). Weekly RSI is approaching 70, but anything above daily support of $30.13 is just a higher low. Break 30.13 and it will be the start of weekly consolidation.
IMPORTANT: XLF is not at its all time high. We are in the resistance zone with XLF's ALL TIME HIGH being $30.97.
Unlike SPY and QQQ, XLF confirmed its daily bull flag. However, we did see a red candlestick on Friday 12/13 to close out the week.
Could this be the first indication of consolidation for the market? Keep in mind the financial sector is one of the top three section in the market.
Also keep in mind that we closed green for ten weeks straight (see weekly chart). Weekly RSI is approaching 70, but anything above daily support of $30.13 is just a higher low. Break 30.13 and it will be the start of weekly consolidation.
IMPORTANT: XLF is not at its all time high. We are in the resistance zone with XLF's ALL TIME HIGH being $30.97.