Don't Ignore This Chart!

XLF Tests Resistance Breakout with Pullback

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The Finance SPDR (XLF) broke resistance with a big surge last week and broken resistance now turns into the first level to watch for support. This is a basic tenet of technical analysis (broken resistance/support turns into support/resistance).

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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.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. Learn More
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