Financials and Technology Back to Resistance
09/14/2010 10:12 am EST
Impressive action in the stock market on Monday with strong market internals pushing the Advance/Decline (A/D) line sharply higher. The financial and technology sectors showed nice gains as their ETFs were up 2.13% and 1.79%, respectively. The Financial Select Spyder (XLF) closed just barely above its 200-day moving average (MA) but still has key resistance in the $15.10 area. Volume in the Technology Select Spyder (XLK) picked up, but it is still below its 200-day MA. A decisive close above $22.70 is needed to complete the trading range.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.