Financial Stocks Still Lagging
09/24/2010 10:07 am EST
Though the major averages like the Dow and S&P 500 have surpassed their summer highs, financial stocks are still lagging. The Financial Select Spyder (NYSE: XLF) just barely moved above its 200-day moving average this week and still has major summer resistance at $15.10-$20. XLF's next good support level will be in the $13.80-$14 area. Bank of America (NYSE: BAC) has been forming lower highs and lower lows since June. BAC violated important support at $14.30 in July and the major 50% retracement support is at $11.20. For a technical look at some other Dow stocks see this week’s trading lesson.
Tom Aspray, professional trader and analyst, serves as video content editor for MoneyShow.com. The views expressed here are his own.