Financials Still Have Room to Move

04/26/2010 9:57 am EST

Focus: STOCKS

Thomas Aspray

, Professional Trader & Analyst

chart
Click to Enlarge

The gains over the past eight weeks have been impressive, and many of the leading sectors, such as Industrials and Information Technology, have already overcome their 61.8% retracement resistance. In contrast, the Financial sector is still below the 38% retracement resistance at 242 with the 50% resistance at 295, which is over 30% above current levels. The 200-day moving average was tested in February before the uptrend resumed.

Related Articles on STOCKS