The combined impact of a better-than-expected non-farm payroll gains and the prospect of a Trump repeal of Dodd-Frank financial regulations goosed the Financial Select Sector SPDR Fund (XLF) +1.3% in early trading.
That said, let’s notice on the enclosed near-term Point & Figure chart, that current strength is pushing up towards a test of very powerful resistance at a quadruple high-print of 23.80.
A climb to a 23.90 print will trigger a new buy signal that will project to new high targets of 24.60 and 25.20. Only a print of 23.00 will compromise the constructive P&F set-up.
Originally published on MPTrader.com.
Another chart I’ve cited as an intriguing short idea is AutoNation, which is down a bit more than 2% today. I think we’ve got a clean triple top on our hands.
On a wholly separate note, here’s the S-1 for hotly-anticipated IPO Snap, Inc. They lost over half a billion dollars on $400 million in revenue, which is quite a feat. And yet people cannot wait to buy into the disappearing dick-pics champion.
In spite of all the excitement regarding AMZN’s huge tumble after hours, the fact is that support has firmly held, and folks were simply able to buy in this morning at a good price in the context of AMZN’s long-term uptrend. There’s nothing bearish to see here.