Don't Ignore This Chart!

Finance SPDR fails at resistance $XLF

With a sharp decline the last three days, the Finance SPDR (XLF) failed at resistance for the fifth time since late May. In addition, the chart below shows the ETF breaking short-term support with a gap down. Deja vu? The price relative moved to a new low as finance continues to shows relative weakness.

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Arthur Hill
About the author: , CMT, is the Chief Technical Strategist at 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. Learn More
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