XLF Hits First Resistance, An Initial Test for the Bulls

Financial Select Sector SPDR Fund (XLF) has completed its upward traverse across the width of its dominant bullish price channel, as the price structure confronts resistance at 23.80-24.00 next.

XLF still has a higher "Swing Target" of 24.30/50, but a challenge of an upper-channel boundary line is always instructive, and should increase investor price sensitivity.

That said, only a decline that prints 23.50 will trigger a new down-column of Red O's, while a print of 22.60 is needed to put in a major downside-reversal signal.