Frank Cappelleri breaks down the chart in the Financial Select Sector SPDR fund.
The Financial Select SPDR fund will be in the spotlight over the next two weeks, as some of its biggest holdings report second-quarter earnings numbers. The charts indicate the ETF could be nearing a substantial breakout attempt. In total, 26 XLF components will release numbers by next Friday. Banks represent 26% of the XLF, which is a lot. However, that means that three quarters of the index is comprised of financial institutions that are not banks.
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