S&P (SFP): Financial sector descending channel

SP:SPF   S&P 500 Financials
Hi all,

Looking into the financial sector on the S&P this morning.
Currently into a descending channel that has no end in sight.
All started with initial high an lows that happened in Jan 2022.
Initial high an low were followed with a string of Lower highs and lower lows with a price action staying within the upper and lower limits of the descending channel.
A death cross also showed up in April 2022 when 50MA crossed 200MA. Both have since been in a descending trend.
The price action could see an uptick for a few more days but is likely to turn back down into a bearish trend once a new Lower high is achieved. Trend continuation within the borders of the descending channel.

A break in the descending trend could be seen if a new higher high happens or if the upper trend line of the descending channel is broken. Time will tell.

Stay humble, have fun, make money.


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