perfect bounce off the top of T1 so far and i’ve added a couple of resistance levels overhead where XLF is likely to turn back down if it gets there. primary scenario in orange has us turning down by the first resistance level. regardless of which of these two scenarios play out, assuming they do, XLF could continue to rise into tomorrow or friday before reversing and continuing lower, most likely to T2 over the next week or so. for anyone that took partial or full profits on the XLF or FAS shorts (or FAZ/SKF longs), scaling back in as we approach these levels with a stop not too far over the alternative scenario resistance level might prove to be a good re-entry/continuation of a swing trade to lower levels. most recent XLF 60 min chart first:
