NFP Report and Dodd-Frank Repeal Propel Banks Stocks (XLF) Higher
The combined impact of a better-than-expected NFP gains and the prospect of a Trump repeal of Dodd- Frank financial regulations has goosed Financial Select Sector SPDR Fund (XLF) +1.3% in early trading.
That said, let's notice on the enclosed near-term Point & Figure chart, that current strength is pushing up towards a test of very powerful resistance at a quadruple high-print of 23.80.
A climb to a 23.90 print will trigger a new buy signal that will project to new high targets of 24.60 and 25.20.
Only a print of 23.00 will compromise the constructive P&F set-up.