The last two days have show lot of indecision in XLF based on the Doji candlestick patterns that have formed. Notice that XLF breaks out of its triangle but it is very weak. Then there are two days of dojis and not direction with XLF. Also notice the bearish divergence on XLF with the MACD, as XLF has moved up, MACD has steadily moved down.
This pattern almost forms the bearish
Tri-Star candlestick pattern.
XLF is not a sell till the 20 EMA is broken. This has been an area of support during the run up from May 11th to now has been assisted by the support of the 20 EMA. Until this support is broken XLF will continue its trend.
