Financial Sector Update for 03.01.2008

SELECT SECTOR SPDR FINANCIAL ETF - XLF

Monthly chart shows increasing weakness and selling pressure. No buy signal/pattern evident o this timeframe. Look for lower still.

Weekly chart shows price to be below all key moving averages as well as a down trendline in place. Look for continued weakness, and at a minimum, a re-test of the support and low of $24ish.

Daily chart shows increasing sellilng pressure on Friday, as sellers gapped down the open in their haste to exit financial stocks. Look for continuation lower.