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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

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Wednesday, July 27, 2011

A Noteworthy Event...

A noteworthy event in support of a potential bearish equity scenario that I have my eye on is the possible cross of the 100sma below the 200sma (and holding below) on the Daily chart of the Financial sector ETF, XLF.




As I write this during market hours today, price is currently below 15.00...a level that is fairly important for XLF to hold if it is going to participate in any rally...however, as can be seen from the 4-hour chart below, it is firmly entrenched in a downtrending regression channel that began in February of this year:


It will be interesting to see the Financial market's reaction to the Beige Book report that is due out at 2:00p.m. today, as well as their reaction to  any firm deal reached in Washington on the debt ceiling issue.



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