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The Financial Select Sector SPDR (AMEX: XLF) has spent the last 4 weeks carving out a coil formation atop its Mar-May upleg, which translates into a bullish continuation pattern, which when complete should trigger upside acceleration towards the next optimal target zone of 13.20/40. As long as the prior pivot low within the coil – at yesterday’s low of 11.88 – remains intact, I want to be long the XLF in anticipation of the upside breakout.
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!
