The Financial Select Sector SPDR ETF (XLF) is one of the most widely traded ETF’s each and every trading day. It’s down 4% in just the last week, -1.5% just yesterday. So when and where will the losses end? Let’s have a look.
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The zone of support at 22.98 – 23.27, once broken, shifted the bias to bearish and lead to an acceleration to the downside. This broken support zone is now nearby resistance on any bounce or rally attempt.
The next downside support target is at 22.16 – 22.42 with a lower zone of support at 21.66 – 21.85.
The bias is pointed firmly lower currently and only a recovery back above 23.27 would negate the current bearish bias.
