Market Extra
It’s hard to look at charts of the SPDR financial sector ETF and not see them as bearish — broken trendlines, a death cross and a relative-strength plunge
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A number of charts suggest the financial sector is suffering through a bearish technical breakdown, and that could send a chilling signal for the rest of the stock market.
The State Street Financial Select Sector ETF’s XLF chart has been flashing yellow-light signals for the past several weeks. Even though the ETF bounced a bit on Friday to snap a six-day losing streak — the longest in two years — a technical blinking red light will likely still flash on Monday, in the form of an ominous “death cross” pattern.
