Citigroup Casts Large Bearish Wick Over Financials
Chris Kimble | Sep 23, 2013 12:57PM ET
The first chart below illustrates the strength of Financials over the past year. As of Friday's close, the Financial Select Sector SPDR Fund (C ) is even stronger, outstripping the SPY ETF by nearly 49% (29.5% versus 19.9%).
The next chart shows that XLF and Citigroup both created rather large bearish wicks last week. Citigroup is at the top of its sideways channel, which it has had a hard time breaking from since the highs it reached back in 2009.
Watch For Impact
Financials have been a relative strength winner over the past few years. Keep an eye on them in the near future, in light of last week's bearish wicks. If they happen to head lower, they could negatively impact the S&P 500 going forward.
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