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[Previous entry: "ED Exit for +.70, 1.6%"] [Main Index] [Next entry: "September ProfitPoint Performance Record"]
10/13/2004 Archived Entry: "Fibmaster's Daily Update"
Sector Focus: XLU Utilities Sector SPDR
Today I want to focus on the long-term XLU chart. There is Monthly resistance in the $26.00 to $27.00 area. This is significant. The chart may try to spike through there, but I do expect some resistance at some point in that area. This may provide an opportunity to short this chart, but more cautious traders will wait for a top to be confirmed. Look for declining swing highs, and watch for this update to tell you about it!
Sector Focus: XLF Financial Sector SPDR
Current update Oct 12: XLF almost made it to the $29.50 resistance level, and reversed, just $0.24 before there. Ho do the markets know to do that? Do they read my update? Just kidding. Only above $29.60 does XLF get really bullish on the daily chart. The recent rally from $28.23 to $29.26 already fizzled with a pullback. At this time I can's see a clear direction on the daily chart, it could go either way. I suggest you pick a different chart to trade.
Prior update Oct 4. Did that support hold or what??? I hope you bears bailed out at $28.50 ! look at it now, popped up to $29.26 so far. Even with this bounce, this chart is not very bullish. The $29.50 level looks like a probable resistance area again. Only above there does XLF get really bullish.
Prior update Sept 28 - The XLF daily chart is showing signs of support now, a little under the $28.50 projected area. A rally could give good shorting opportunities in the future, perhaps in the $28.75area (valid only if current levels hold for support).
Neal Hughes, FibMaster at http://www.FibMarkets.com, is a widely respected expert on Fibonacci Analysis. Neal has been in the markets for over 20 years, and has distilled what he has learned into a complete trading methodology that maximizes gains and controls risk which he publishes in his newsletter, ProfitPoint. He is also the author of several universally acclaimed Video Seminars on his website. For those new to Fibonacci analysis, Neal provides FREE Fibonacci lessons, available here: http://www.fibmarkets.com/cgi-local/aefs/signup.cgi
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