The Financials - back to the scene of the crime
To the top of this channel again, and my guess is we go back down one more time. I'm thinking similar for the market - down for a nice drop and then a smaller bounce up to create more long term sideways action. The financials may outperform to the downside over the next few weeks/months, but should find support again around 31 - so a 20% drop is what I'm expecting soon. What would cause it? I have no idea.
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SPY divided by XLF, look like this wants to go higher -
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weekly reversal candle
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any bounce is a short on XLF
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XLF broke the midline - any rally up to it is an objective short. I think next week it will be possible on some positive news
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expect a healthy bounce this week and then more selling. xlf/spy chart indictes more weakness to come in financials
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banks now close to channel trendline, expect a bounce of about 10percent soon.
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spy/xlf rsi daily at it's highs, expect a large pullback here and then more upside.
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precarious moment for banks. i think it breaks
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it didn't break, but it's at heavy resistance here. I expect lower.
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RSI on daily finally reset enough on the banks - target of bear flag is 25 dollar area for XLF.
