AMEX:XLF   SELECT SECTOR SPDR TRUST AMEX FINANCIAL SELECT INDEX
- at the beginning it broke out the long term resistant (blue arrow)
- it did not continue going up, instead it came back and re tested the supportive line (yellow horizontal line)
- broke the support and also my stop (the lower horizontal line
- it did not continue the downward trend, instead it rebound right away with a long solid candlestick
lesson
- not chase at the top of the breaking out candlestick , it would be a hard time if it retraced
- how to set up an effective STOP?
- buy at the failure of going down is safer than buy at the top of breaking out
Comment: After US interest rate hiked last week, financial sector exhausted all good news and fell down, leaving a bullish trap which is a big SIGH
compared with other sectors such as energy/bio/IT/utility/consuming, Financial sector is so weak. Far from its previous high at the beginning of this year.
Now it is going to retest its supportive line formed in Feb 2018. It is not a good sigh for a bullish market in US. It might drag the bull back. Let us be cautious.
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