Financials are a good Proxy for this market $XLF
Decision time is approaching in the Fins and they will most likely show the way for the rest of the market. Volume has been steadily falling indicating exhaustion is near, whether it is by buyers or sellers remains to be seen. Personally I favor buyer exhaustion, which would lead to a test of 200MA hourly and the fib at 24.85ish. Seller exhaustion would target 27.50. Break of the triangle is key, but beware fakeouts. Whichever way XLF decides, SPX should follow. Upwards it could squeeze as high as 2870, downwards the familiar 2500 area awaits.
Penafian
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