MACRO VIEW: XLF AT MACRO UNCERTAINTY, STILL RECOVERING FROM 2008
On long term basis - XLF has only recently crossed back the 10-year mean upwards (now at 21.50) and have been in 5-year uptrend until the recent August selloff. Currently it is trading within 1st standard deviation from 5-year mean, showing no macro trend.
On short term basis - XLF is also showing no trend, as the price is trading within 1st standard deviations from 1-year and quarterly means.
In summary, the 5-year uptrend will resume only after price will cross back 24 (5-year uptrend border). Until then, trend is lateral.