XLB Update for 02.24.2008

SELECT SECTOR SPDR MATERIALS ETF - XLB

Monthly chart shows indecision between bulls and bears.

Weekly chart shows price above all key moving averages. Current resistance is right at the .786 fib retracement level.

Daily chart shows abc 3 wave pattern into .786 fib level, creating a bearish gartley butterfly pattern. IF we get weakness, THEN look for a retracement of the last move up, with downside targets of $37.50 and $36.21 initially.