Up 7% Last Month, With This Sector Press Higher?
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Earnings season is underway and there has been one sector that had results much better than anyone expected, especially in light of the recent noise about an extension of the banking crisis. However, ever since companies like JP Morgan (JPM) and Citigroup (C) announced their earnings results, the sector has been on fire.
With postive earnings results and after being heavily discounted by the SVB disaster, this is a sector to have on watch.
Financial Select Sector SPDR ETF (XLF)
As financial continue to press higher, it is important to remember the broader context of the market. We are close to a demand zone, as well as a pretty large resistance area and to top it all of, we have had a week of a chop.
This could mean the bulls are just sitting on the sidelines in an attempt to catch their breath, or the rally we were treated to over the past couple weeks could be coming to a close.
But, given the haircut the financial sector took and the fact that individual names are pressing higher after better-than-expected earnings results, if you’re looking to go long, this could be the sector to take a look at.
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