$RIFIN on the other hand has touched its downtrend line.
Also watch Energy and Oil, it seems to have formed a little support here, the 390 level has held so far.
Tuesday, July 14, 2009
Watch the Financial Birdie
The $RIFIN and $SPX have very similar looking charts.
SPX has bounced off its lows and yesterday formed a bullish engulfing candle. Yet SPX has not touched the top of its downtrend line.
$RIFIN on the other hand has touched its downtrend line.
Financials prior to the downtrend foreshadowed the drop, Fins were not making new highs while SPX was. Now on the flip side, Financials lead the move up yesterday. Watching if financials can break out here will be key if the market can rally. Of course today Goldman Sacks reports their earnings, so watch out for that.
Also watch Energy and Oil, it seems to have formed a little support here, the 390 level has held so far.
This support is shown on DIG too.
Here is oil (btw look how effective the broadening top pattern was that was mentioned), it looks like it might want to retrace back up and has support at 60.
$RIFIN on the other hand has touched its downtrend line.
Also watch Energy and Oil, it seems to have formed a little support here, the 390 level has held so far.
