The S&P 500 Financial sector is down just over 12% from its recent intraday high last Friday. And heading into next Monday, the sector is currently sitting at a key inflection point that should help identify which way the sector will trade over the next month or so. As shown below, the Financial sector is currently sitting right on support that formed when the sector hit its highs in early April. It's also sitting right at the bottom of the tight uptrend channel that it has been trading in since the March lows. If the sector can hold its price and then trade higher on Monday, technicians will interpret this as a sign that the rally will resume. If the sector breaks support and trades down, the uptrend will be broken and lower prices will most likely ensue.
In a longer term, market is fast approaching key inflection point as we're (the technical analysis of financial markets) for Monday July 6, 2009.all of the S&P 500's sectors fell an average 3% amid the worse-than-expected However, given that our “U.S. Market Trading Map.
Posted by: Nexpider | July 18, 2009 at 01:19 AM