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An important lesson on XLF
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An important lesson on XLF
On yesterday’s chart of the day, we signaled that the financial sector could break resistance (see chart 1). When using correct portfolio management, many losses can be avoided. As many of you have noticed on most of our charts, we tend to use breaks of trendlines or support and resistance levels for entry.
Yesterday’s stock session was a disaster, with the S&P500 plunging by nearly 2%. Unlike Wednesday’s session financials dragged down the market on enormous volume (See chart 2). Our trade was not executed as the upper trend line wasn’t broken. Even though current levels could present a bounce and even break the upper trend line. The resistance around 15.40 has now lowered the profitability of this trade.
Chart 1
Chart 2
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