The Financial Sector Is Teetering On Historic Technical Support!
Courtesy of Chris Kimble
The financial sector is the focal point of the global economy. So it’s no wonder that investors pay close attention to its performance within the stock market.
And this is especially true when recession fears rise due to lackluster economic growth.
Kinda sounds like today’s markets, eh?
“The facts, Ma’am. Just the facts”
Is there trouble ahead for the economy? And for the stock market? Well, today’s “monthly” chart of the Financial Sector ETF (XLF) is at a make-or-break triple price support level. And what happens next should answer those questions.
To be clear, XLF is testing 2007 and 2020 highs, its 50% Fibonacci level, and its rising trend line support all at once. Seems like this is a historic moment for XLF in both time & price.
Investors will breath a sigh of relief it continues to hold above this triple support. However, if it breaks down below this support, the economy and stock market may take a turn for the worse. Stay tuned!
$XLF Financial Sector ETF “monthly” Chart
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