With a sharp decline the last four days, the Financials SPDR (XLF) entered a key retracement zone that may offer support. The area around 14.86-15.29 marks a 50-62% of the February-April rally. XLF is also oversold after a 12% decline in four weeks.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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