XLF at First Support

04/21/2009 12:49 pm EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

The selling Monday was heaviest in the financials and the Financial Select Spyder (XLF) reached first support just below $10. The 50-day MA and more important retracement support is in the $8.50 area. A daily close below $8.00 would be negative. The declining 200-day MA is at $14.20.

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