XLF is an ETF that tracks the financial sector - one of the largest sectors in S&P. The chart reflects a strong rejection from a major HVN (high value node) as well as the level where the downside conviction had started back in December 2018.
The price has closed right at the edge of the large value area. Usually, a bounce is expected. If the level gets accepted the price will start climbing up back to the top of the box otherwise we may see filling the gap and retest of the next box down below.
2 Major sectors Financial and Technology keep the S&P at higher prices, one of them has started to show its weakness. If the Technology starts to follow we will see a significant weakness of the index.
The price has closed right at the edge of the large value area. Usually, a bounce is expected. If the level gets accepted the price will start climbing up back to the top of the box otherwise we may see filling the gap and retest of the next box down below.
2 Major sectors Financial and Technology keep the S&P at higher prices, one of them has started to show its weakness. If the Technology starts to follow we will see a significant weakness of the index.