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Guy M. Lerner
www.thetechnicaltake.com
Figure 1 is a weekly chart of the S&P Select SPDR Financial Fund (symbol: XLF).
The red and black dots are on the price chart are key pivot points, which
represent areas of buying (support) and selling (resistance).
This is a widely followed ETF that correlates highly with the market. As the banks go,
so goes the market. Currently, price is below the three most recent key pivots and
there is only 1 interpretation for this finding: bear market. A weekly close below
13.76 would seal the deal. Support levels are at 12.38.