The Finance SPDR (XLF) and the Energy SPDR (XLE) are the only two sectors that have yet to break their summer highs. XLE is close as it works its way higher after a pennant breakout seven days ago. With this advance, the ETF is now trading at the upper trendline of a large triangle formation.
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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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