Bullish Formation For XLF

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By Mike Paulenoff | Published 06/4/2009 | Stocks | Unrated

Bullish Formation For XLF

The Financial Select Sector SPDR (XLF) has spent the last four weeks carving out a coil formation atop its March-May upleg, which translates into a bullish continuation pattern, which when complete should trigger upside acceleration towards the next optimal target zone of 13.20/40. As long as the prior pivot low within the coil – at Wednesday’s low of 11.88 – remains intact, I want to be long the XLF in anticipation of the upside breakout.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.

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