XLF trade ideas
xlf very bearish patternXLF lots more T-Bills auctioned this week. This is the biggest week even for bills. Whole lot of downside risk that financials close week under Feb. lows.
XLF little more downI do see market pop soon or at least base out. Financials are looking horrible. If you are short here are some areas to take profits.
Double Top Forming on XLF / FinancialsXLF is approaching massive resistance at $30, the peak prior to the Great Recession. It appears to be forming a double top, which if cleared will open the door for a huge rally. Conversely, a failure would open the door to a large correction. Very short term (next week or so), I think we see buyers lift prices (I'm long 3/29 $29's), but I believe we ultimately fail at $30, a level I'll short against. Given broader weakness, European banking issues (DB is crashing), overly bullish sentiment, and the aforementioned technical picture, it seems to be a good setup.
Financials about to complete 61.8 correction The Financials are looking strong today as we get closer to FOMC minutes.
XLF is about to complete a 61.8 Fib correction to the bearish move that we had two weeks ago when XLF touched 2008's levels.
This can be the end of XLF's bullish pullback... if it's a pullback :)
XLF will definitely be influenced by today's minutes.
Check it out
monitoring bearish Head & Shoulders set upXLF needs to get over $29.50 to invalidate the bearish head and shoulders pattern present. Focusing on the right shoulder Red Box . Head and shoulders pattern is not confirmed nor completed yet. Disclosure i'm short $bac Bank of America
XLF Bearish CypherXLF has completed a bearish cypher and showing really nice divergence. *Purchased March $29 puts for .39*
XLF Bearish Cypher with internal Bearish ButterflyBearish Cypher with an internal bearish butterfly. We are also seeing nice bearish divergence on the volume weighted MACD.
XLF: breakoutPerhaps not the best but still we can imagine a double bottom in XLF. Yesterday the price closed above the breakout line.
Bought PUTS on XLF - 28.50 strike for 2/23 Right before the close, I purchased QTY: 30 PUTS on XLF - 28.50 strike for 2/23 on Descending Triangle Continuation. This is my way of shorting SPY right now as options are still too expensive for my liking. XLF correlation with SPY has been very strong.
C -- BattlezoneWith the 50% retracement level and the s/r band right there; lets see who wins this battle. Overall being a "Herd" stock it will follow the general financials.
Where Does Money GoHi guys. Here's my modest chart on the financials. I'm seeing plenty of strength there still. Have a nice trading day.
Heading towards levels seen before 2008's crisis Banks earnings, Trump and the Fed drove XLF back to where it was before the major financial crisis of 2008.
10 Years later, will history repeat itself?
Altered target. Altered Graph. same - maybe better picture
slightly altered lasst grph
mucking around.
A
