The Financials - back to the scene of the crime

Short

SPDR Select Sector Fund - Financial (AMEX:XLF)

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AMEX:XLF SPDR Select Sector Fund - Financial

indicator chartpattern waveanalysis xlf financialstocks

To the top of this channel again, and my guess is we go back down one more time. I'm thinking similar for the market - down for a nice drop and then a smaller bounce up to create more long term sideways action. The financials may outperform to the downside over the next few weeks/months, but should find support again around 31 - so a 20% drop is what I'm expecting soon. What would cause it? I have no idea.

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SPY divided by XLF, look like this wants to go higher -

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weekly reversal candle

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any bounce is a short on XLF

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XLF broke the midline - any rally up to it is an objective short. I think next week it will be possible on some positive news

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expect a healthy bounce this week and then more selling. xlf/spy chart indictes more weakness to come in financials

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banks now close to channel trendline, expect a bounce of about 10percent soon.

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spy/xlf rsi daily at it's highs, expect a large pullback here and then more upside.

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precarious moment for banks. i think it breaks

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it didn't break, but it's at heavy resistance here. I expect lower.

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RSI on daily finally reset enough on the banks - target of bear flag is 25 dollar area for XLF.

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