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SPDR Select Sector Fund - Financial
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XLF in bearish technical posture

Oleh TK0421
Financial sector, XLF, has been outperforming other sectors in S&P as what seems to be a sector rotation is taking place. Money is coming out of technology to more defensive sectors recently. Nevertheless, when I look at this XLF chart, it is screamingly bearish. Bearish rising wedge with negative divergence on both PPO and RSI. It is pretty extended as well. It's right on the trend line. One big red day may just break it or a gap down on the bad news despite what happened during FOMC meeting today.

Have a good trade everyone,

T.
Bearish PatternsChart PatternsfinancialTechnical IndicatorsshortsetupswingtradingTechnical AnalysisTrend AnalysisXLF
TK0421

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