Financial Sector Breaks Out

Nov. 5.10 | About: iShares U.S. (IYF)

The S&P 500 Financial sector has been the weakest of the ten major S&P 500 sectors since the prior bull market peak was reached on April 23rd. But even the financials have made a bullish move this week.

As shown below, the last two days of gains for the sector have caused a breakout above the sideways trading range it had been in for the last six months. Now the top of that sideways range will act as support instead of resistance.

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Disclosure: No position