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SPDR Select Sector Fund - Financial

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XLF trade ideas

Financial ETF Is Attempting a Historic BreakoutThe SPDR Financial ETF quietly did something historic last week: It closed at the highest price ever. This is a big deal because XLF has been trapped at resistance running back to 2007 (before the subprime crisis). It was trying to break the old highs around $31 exactly a year ago, then lost 44 percent of its value when the pandemic hit. XLF jumped early this year to test those levels, retreated to its 50-day simple moving average (SMA) and quickly rebounded. Traders will now be watching to see if price can escape from the tight consolidation pattern between about $31 and $31.60. Fundamentals could be more positive than a year ago because the yield curve has steepened dramatically. (The difference between 2-year and 10-year Treasuries has increased from about 20 basis points in February 2020 to about 110 basis points.) The higher long-term rates result from the stronger economic backdrop (also displayed by oil prices). That healthier economy offers two other potential benefits to banks: more lending and fewer loan defaults. TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
AMEX:XLFLong
by TradeStation
10
Financials approach huge breakoutThe Financial Select Sector SPDR Fund (XLF) is near a breakout from a long base which favors long-term upside. Previous rallies in early 2018 and 2020 stalled out near the pre-financial crisis peak from 2007 near $31. Now, in early 2021, we see another attempt to stage a major upside breakout, which would confirm a massive 14-year base. A move through the $31.40 area would be the signal, though I will be waiting for a break of $32 for confirmation. Banks have enjoyed a run with rising long-term rates, and net interest margins should improve as the yield curve continues to steepen. However, a lot hinges upon whether the U.S. economic reopening and rebound can continue. January saw a surge in corporate bankruptcies; while Congress recently confirmed that there will be no stimulus in February, pushing much-needed economic assistance for individuals and small businesses out to mid-March at best. For now, I do like this group short-term - we are seeing good technical price action in stocks like JPMorgan Chase (JPM) and Bank of America (BAC). But intermediate term, it's got to prove that this rally has legs, and that could be a tall task. If you are betting on a strong recovery, consider these financial stocks with bullish charts: Blackstone (BX), JPMorgan Chase (JPM) and Charles Schwab (SCHW).
AMEX:XLFLong
by planetshhh
1
Bank etf year in review: O $30.47 H $31.38 L $17.49 C <=> $29Bank etf year in review: O $30.47 H $31.38 L $17.49 C <=> $29 Do your own due diligence, your risk is 100% your responsibility. You win some or you learn some. Consider being charitable with some of your profit to help humankind. Small incremental steps work : If you double a penny a day for a month it = $5,368,709. Good luck and happy trading friends... *3x lucky 7s of trading* 7pt Trading compass: Price action, entry/exit Volume average/direction Trend, patterns, momentum Newsworthy current events Revenue Earnings Balance sheet 7 Common mistakes: +5% portfolio trades, risk management Beware of analysts motives Emotions & Opinions FOMO : bad timing Lack of planning & discipline Forgetting restraint Obdurate repetitive errors, no adaptation 7 Important tools: Trading View app!, Brokerage UI Accurate indicators & settings Wide screen monitor/s Trading log (pencil & graph paper) Big organized desk Reading books, playing chess Sorted watch-list Checkout my indicators: Fibonacci VIP - volume Fibonacci MA7 - price pi RSI - trend momentum TTC - trend channel www.tradingview.com
AMEX:XLF
by Options360
2