Financials Breakout, Materials Lag

03/19/2010 9:41 am EST


Thomas Aspray

, Professional Trader & Analyst

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The financial sector ETF (XLF), after violating support in February, has rebounded sharply and now moved above the October 2009 and January 2010 highs. This is a positive sign for the market as it represents faith in the economic recovery. Next strong resistance is above $18 with support for XLF at $14.80. The materials sector ETF (XLB), on the other hand, is still lagging as it is well below its prior highs at $35.38. Major retracement resistance is at $35.80 with support at $32.

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