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NFP Report and Dodd-Frank Repeal Propel Banks Stocks (XLF) Higher by Mike Paulenoff


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#1 OEXCHAOS

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    Mark S. Young

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Posted 03 February 2017 - 04:58 PM

NFP Report and Dodd-Frank Repeal Propel Banks Stocks (XLF) Higher  
By Mike Paulenoff, MPTrader.com 
 

The combined impact of a better-than-expected non-farm payroll gains and the prospect of a Trump repeal of Dodd-Frank financial regulations goosed the Financial Select Sector SPDR Fund (XLF) +1.3% in early trading.

 

That said, let's notice on the enclosed near-term Point & Figure chart, that current strength is pushing up towards a test of very powerful resistance at a quadruple high-print of 23.80.

 

A climb to a 23.90 print will trigger a new buy signal that will project to new high targets of 24.60 and 25.20.

 

Only a print of 23.00 will compromise the constructive P&F set-up.

 

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Mike Paulenoff is founder of MPTrader.com, where he provides live intraday analysis and trade alerts covering the equity, commodity, and currency markets.
 

 


Mark S Young
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