 |
||||||||||||||||||||
|
 |
 |
|
|
 |
|
|
 |
|
|
 |
|
|
 |
|
|
 |
|||
MPTrader Mid-Day Minute
|
 Financials Break Out
By Mike Paulenoff, www.MPTrader.com This morning the Financial Select SPDR (AMEX: XLF) broke out of a 6-week bullish coil pattern that represents the digestion period after the initial upmove from the 3/17 low at 22.1 to the 3/24 high at 27.37 (+23%). With today's surge out of the coil, the XLF has started a new upleg that should propel the financial index towards a test of resistance at 27.80-28.00 next, on the way to an optimal target zone of 29.50. Only a break below 26.40 will wreck the developing upside follow-through from the March low. For more of Mike Paulenoff, sign up for a Free 15-Day Trial to his ETF Trading Diary. |
© 2002-2008 MPTrader.com, an AdviceTrade publication. All rights reserved. Any publication, distribution, retransmission or reproduction of information or data contained on this Web site without written consent from MPTrader is prohibited. See our disclaimer.