Can This Market Make New Highs Without The Banks?

The XLF closed below the 50 DMA on 3/21/17 and has not closed back above since.

The XLF long term view:

The XLF closed below the 50 DMA on 3/21/17 and has NOT closed back above since.

Our short term bounce zone @ 23.49-23.36, 23.21 with the 3/27 low @ 22.97.

Our next long term support level @ 22.86.

Our long term bounce zone @ 22.12-21.36

This was sent on 4/5

XLF has some resistance @ 23.85 (.382 level) then the 50 DMA @ 24.10,

The 20 DMA @ 24.11 and our selling zone @ 24.13-24.41

Can this market make new highs without the banks?

I doubt it “

A Short term oversold condition did occur as the XLF traded inside our short term bounce zone with 23.36 holding SO FAR.

Short term bounce? …..Long term lower!

 

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