Don't Ignore This Chart!

Hanging Man and Bearish Engulfing Weigh on XLF


After a bounce off support in April, the Finance SPDR (XLF) came under pressure with a hanging man at the end of April and a bearish engulfing at the beginning of May. These two bearish candlesticks affirm resistance from the early May high. It is possible that a falling flag is taking shape, but a break above the bearish engulfing high is needed to reverse the slide.

Click this image for a live chart

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
Subscribe to Don't Ignore This Chart! to be notified whenever a new post is added to this blog!
comments powered by Disqus