Financials are a big part of the S&P and the way their looking right now, I don’t know how the S&P will be able to break out to the upside, unless we see a change in the condition of financials.
Ultimately though, the longer term trade has been in FAZ so I guess we can’t cry too much if it does post a solid breakout today. So far today is looking a LOT like yesterday, by the way, financials pulled themselves up by the bot strings from an impending break down yesterday.
IYG looking a lot like yesterday’s post with a break below the nearly 5 month top.
XLF is having a bad day, but just like yesterday, it’s a tad stronger then IYG which is another financial ETF.
FAZ again is threatening a breakout from the triangle bottom/base
Here’s FAZ and a 1 min 3C chart which is in line, the only concern I have with FAZ presently is the speed of the gain in the last few minutes. It’s having a direct proportional effect on the S&P.
Wolf on Wall Street 