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Saturday, January 12, 2013

Earnings Season: Week #2 & XLF



The below Weekly & Daily charts for XLF are perhaps showing a confluence of indicators of a "top" forming going forward for this sector. Remember, "tops" are a process and not an event. 

Given: Friday closed above the Weekly Bollinger Bands


Friday's Daily XLF Chart shows a Doji Candlestick. It remains to be seen what follows. A conservative approach would be to wait for the next 2 candles to print for confirmation of direction. We are a bit overstretched on the VWAP lines; +3 std dev on the Daily and +2 Std Dev on the Weekly.

Daily Chart:


Weekly Chart:



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