Financial Sector Flattened

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There is lots of “air” below Monday’s closing price of 22.81, as shown on the monthly chart below of the U.S. Financial Sector (XLF).

Major support lies at 20.00, while major resistance (formerly support) is now 23.50.

Since February 19, the Financial Sector is -26.73% and is now in ‘bear market’ territory, as shown on the following graph of the 9 Major U.S. Sectors, second, only, in weakness to Energy.

Get ready for more volatile swings in both directions until such time as the S&P 500 Index (SPX) begins to stabilize, as described in my last post.