XLF is trading in what i like to call no-man’s land on this 60 min chart… sitting smack in the middle of a thin zone between support and resistance. if i didn’t already have an established swing short position with imbedded gains, i would not be entering XLF long or short here as it could just bounce around in this range for a while. best to wait to see how it acts when it moves higher or lower to one of the levels noted below. if the 5 -30 min charts were setting up somewhat bullish right now i might even book gains or aggressively tighten up my stops. however, they’re not and so for now i still favor more downside to at least the top of that first target/support zone on this time frame.
