Don't Ignore This Chart!

Asset Managers Failing At Price Resistance And Rolling Over

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Last week was horrible for financial stocks as the XLF tumbled 2.86%.  Investment services ($DJUSSB) and asset managers ($DJUSAG) were at the bottom of the heap with losses of 6.00% and 3.94%, respectively.  The losses were technically damaging for both industry groups as both now appear to be rolling over and staring at further potential losses ahead.  The DJUSAG recently hit price resistance, could not break through and closed at four week lows.  The approximate trading range for the group is 145-155.  A close below 145 would likely signal a retest of February lows near 130.  Take a look:

Happy trading!

Tom

Tom Bowley
About the author: is the Chief Market Strategist at EarningsBeats.com, where he provides stock market education, guidance, and trading strategies using a unique combination of technical, fundamental, and historical analysis. Tom provides EarningsBeats.com members with four portfolios (Model, Aggressive, Income, and Value), all designed to beat the benchmark S&P 500, and a revolving Watch List of hundreds of companies reporting strong quarterly earnings (must beat both revenue and EPS estimates) and exhibiting technical strength as well. These companies comprise EarningsBeats' annotated Strong Earnings ChartList (SECL), from which Tom trades exclusively. Tom writes a Daily Market Report (DMR) for members to include an executive summary, market outlook, sector/industry watch, and trading ideas. Learn More
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