Quite a range we have here. Today the
SPY bounced at the previous week's open:
SPY broke down from an ascending wedge this morning:
The Financials (
XLF) look to be sitting on a precipice here, bounce or drop?
And while the Energy sector (
XLE) is setting up in a bullish wolfe wave you can also argue that it just broke down from a Head & Shoulders pattern, in which case a measured move could bring it back down to the $50 area. Perhaps this sector will depend largely on the direction of the dollar.
The U.S. Dollar Index found support at the 78.6% fib retracement
SPY broke down from an ascending wedge this morning:
The Financials (XLF) look to be sitting on a precipice here, bounce or drop?
And while the Energy sector (XLE) is setting up in a bullish wolfe wave you can also argue that it just broke down from a Head & Shoulders pattern, in which case a measured move could bring it back down to the $50 area. Perhaps this sector will depend largely on the direction of the dollar.
The U.S. Dollar Index found support at the 78.6% fib retracement
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