Double Top Forming on XLF / Financials

Short

SPDR Select Sector Fund - Financial (AMEX:XLF)

AMEX:XLF SPDR Select Sector Fund - Financial

trendanalysis chartpattern indicator xlf financials spx dow nasdaq short bearish doubletop

XLF is approaching massive resistance at $30, the peak prior to the Great Recession. It appears to be forming a double top, which if cleared will open the door for a huge rally. Conversely, a failure would open the door to a large correction. Very short term (next week or so), I think we see buyers lift prices (I'm long 3/29 $29's), but I believe we ultimately fail at $30, a level I'll short against. Given broader weakness, European banking issues (DB is crashing), overly bullish sentiment, and the aforementioned technical picture, it seems to be a good setup.

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