XLI Update for 04.13.2008

SELECT SECTOR SPDR INDUSTRIAL SECTOR ETF - XLI

Monthly chart shows price below the 8ema. No buy signal/pattern evident on this timeframe.

Weekly chart shows a large bearish engulfing candle pattern created by last week's trading activity. Look for a test of the January low and lower.

Daily chart shows major change in investor sentiment, as the bears gapped down the open on Friday and closed near its lows for the trading session. There is currently an abc 3 wave pattern evident on the charts. Look for continuation lower in the week(s) to come.