I watch the financials ETFs quite closely. The bank sector one, symbol SPDR® S&P Bank ETF (NYSE:KBE), has, on an intraday basis, been making a steady series of stair steps in recent days. The lower highs are circled, and the price gaps are definitely aiding the fall.
Looking at much more history, by way of the daily chart, you can see that these stair steps won’t really amount to much until and unless the ascending trendline is broken. We’re getting fairly close, so we should know within the next week if there’s any kind of trend failure here.
In a similar vein, the heavily-traded financial sector ETF, symbol Financial Select Sector SPDR Fund (NYSE:XLF), has been grinding its way up its broken trendline for a full year now. It is still near lifetime highs, but the resistance is definitely holding firm.
