Sunday, March 12, 2023
Financials Take The Market Lower
Below is a 60 minute chart of the financial etf symbol XLF and in the panel below that is a relative strength line which is simply the stock price divided by the S&P500 (SPY). As you can seen the RS line was already beginning to weaken just prior to the large down move. The RS line broke low before price did which was a sign of weakness. Wait for a rally and look for signs of relative weakness to get involved on the short side.
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