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Bull Formation for XLF


Friday March 27th, 2009
Bull Formation for XLF
by Mike Paulenoff www.MPTrader.com

By Mike Paulenoff, www.MPTrader.com

Let’s notice that for the past 5 sessions (while the SPY climbed 6.3%), the Financial Select SPDR ETF (NYSE: XLF) has traded in a well-defined sideways range at the high side of its March upmove.  The pattern resembles a Bull Flag formation that should resolve itself to the upside in a thrust to new highs above 9.70 towards the 10.50/80 target zone.  At this juncture, only a break below 8.70 will compromise my currently constructive scenario.

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