An upturn is developing from the stock’s March low.
This morning the Financial Select SPDR (AMEX: XLF, Bullboard) broke out of a six-week bullish coil pattern that represents the digestion period after the initial upmove from the 3/17 low at 22.1 to the 3/24 high at 27.37 (+23%). With today's surge out of the coil, the XLF has started a new upleg that should propel the financial index towards a test of resistance at 27.80-28.00 next, on the way to an optimal target zone of 29.50. Only a break below 26.40 will wreck the developing upside follow-through from the March low.
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