Judging by the improving technical condition of some of the members of the Financial Select Sector SPDR (XLF), such as Bank of America (BAC), Citigroup (C), AIG, GS, and MS, perhaps this morning's low at 26.20 will suffice as the third such low of a near-term triple bottom completion of the pullback off of the February 1 high at 30.00? If that proves to be accurate, then confirmation that a significant corrective low has been established will come only upon a hurdle of the key February down trendline resistance now at 27.00. Until then, I only have indications that a tradable low is in place.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.