Saturday, March 01, 2008

Materials Sector Update for 03.01.2008

SELECT SECTOR SPDR MATERIALS SECTOR ETF - XLB

Monthly chart shows indecision from February's trading activity. Uptrend remains intact for now.

Weekly chart shows current resistance is at the .886 fib retracement level, where sellers came out in force, closing the week near its lows.

Daily chart shows major sentiment change as bears gapped down the open in their haste to exit their positions. Look for continued weakness and a test of current low and support at $34.63 level.

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