XLF trade ideas
Daily. Potential H&S top? #watchlistHeld the 50sma well with nice follow through, however there is o/h resistance from the shorter t/f MAs and a potential rounding top. From a macro perspective a large H&S could be forming. Needs new highs soon otherwise look for a short entry IMHO.
XLF LongXLF made a 52 week high yesterday
and generated a Saucer Buy Signal
on the Alligator trade system.. It also took out a previous fractal buy signal.
XLF is
bullish on the weekly as well and this is a
good entry point long term
A sell stop should be below the Alligator teeth, red line or use
the weekly charts teeth area. XLF continues to be a strong sector
which is excellent for overall market strength IMO
Update: Still Predominantly Bearish; Caution | $XLF $SPDR $AMEXFriends,
On February 01st, we released this DAILY chart with a "Neutral" directional bias pending a bearish market reversal confirmation signal. This signal has yet to come, however, at that time, we highlighted two significant overhead resistance, one at 21.84 representing a probable level of reversal, and a second at 22.16, representing a historical structure high, which if transgressed, would invalidate our bearish outlook.
OVERALL:
Bearish target remains intact. overhead resistance levels remain valid. Directional bias is neutral-to-bearish.
Cheers,
David Alcindor | 4xQuad
Predictive Analysis & Forecasting
Denver, Colorado, USA
PS: Here is a weekly SPX chart worth considering:
www.tradingview.com
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Disclaimer: All of our analyses are for educational purpose only. The forecasts, analyses and opinions generated herein are not trading recommendations. We trust that you would do your own due diligence first, then seek professional advice from a licensed professional and enter the market at your own perils - David Alcindor - a.k.a.: 4xForecaster | 4xQuad, LLC.
