Can Banks, Junk And NYSE Clear These Resistance Levels?
Chris Kimble | Jun 22, 2016 08:54AM ET
The financial focus around the world right now seems to be the “Brexit” vote tomorrow in Europe.
Even though that vote is important, we are most interested in the reactions of investors, after the vote. The 3-pack below looks at some key sectors in the states and how each of them are presented with an opportunity to jump over falling resistance levels that have been in place over the past year.
The NYSE, Bank Index and Junk Bond ETF (NYSE:JNK) all remain inside of falling channels highlighted in Red.
The trend is down on each of them over the past year (lower highs and lower lows). Each is being presented with an opportunity to jump over these falling resistance channels at (1) above.
While the attention of many seems to be on Brexit, the Power of the Pattern is of the opinion that what these key sectors do at resistance, will be very important for portfolio construction in the weeks and months ahead.
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