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By Mike Paulenoff, www.MPTrader.com
Now for a look at Financial Select SPDR (AMEX: XLF), which technically indicates that we should expect renewed price recovery. Components Bank of America (NYSE: BAC), JP Morgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) all exhibit similar chart structures that argue for higher prices in the financial sector.
My near and intermediate-term work indicate that the pullback in the XLF from the 1/31 recovery high at 29.93 into Monday's low at 26.28 is complete and that all of the action since then represents a minor base-like pattern that will thrust prices to the upside (28.50/90 next) in continuation of the larger recovery period off of the 1/22 low at 24.11.
Mike Paulenoff is author of www.MPTrader.com, a real-time diary of his technical analysis & trade alerts on ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international markets, plus key ETF component stocks in sectors like technology, mining, and banking. Sign up for a Free 15-day Trial!
