XLY Update for 02.24.2008

SELECT SECTOR SPDR CONSUMER DISCRETIONARY ETF - XLY

Monthly chart shows current support off the $28 area, where a large hammer candle pattern showed early bulls came back into the market. The current month's price action shows indecision between the bulls and the bears.

Weekly chart shows price right up at the down trendline in place. Resistance is currently off the .382 fib retracement level. Current short term support is off the $32.60 area, and should that break, price should see a test of the $28 area low.

Daily chart shows consolidation/trading range the past couple of weeks. Look to next week's price action for better sense of direction.