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Financial Select Sector SPDR Fund (XLF) has completed its upward traverse across the width of its dominant bullish price channel, as the price structure confronts resistance at 23.80-24.00 next. XLF still has a higher "Swing Target" of 24.30/50, but a challenge of an upper-channel boundary line is always instructive, and should increase investor price sensitivity. That said, only a decline that prints 23.50 will trigger a new down-column of Red O's, while a print of 22.60 is needed to put in a major downside-reversal signal.
The stock market indices had a very strong follow-up session early on today, and made new all-time highs on the S&P 500 and Dow. The Nasdaq 100 was not so fortunate, although it did move up in the morning, and then had a nice 5-wave move by midday, reaching 4870, but backed off to 4843 by mid-afternoon, only to bounce back at the end of the day. The S&P 500 reached 2251, and change, a new all-time high, but then backed off to close about four points lower. Net on the day, the Dow was up 65.19 at 19,614.81, a new, all-time closing high. The S&P 500 was up 4.84 at 2246.19. The
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