Free Trading Resources<\/strong><\/p>\n Have you checked out Jeff’s free trading resources on his website? It contains a selection of special reports, training videos, and a full trading glossary to help kickstart your trading career \u2013 at zero cost to you. Just click here<\/a> to check it out.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n Let’s take a look at the XLF price chart…<\/p>\n On this chart, I outlined two important things:<\/p>\n The bearish<\/a> head and shoulders pattern that completed last week.<\/strong><\/p>\n This classic reversal pattern frequently forms at both major market tops and market bottoms.<\/p>\n It has three key defining features – the left shoulder, the head, and the right shoulder.<\/p>\n The pattern is complete once prices break and close below the neckline. The neckline (blue line) is a trendline that connects the bottom points of the left and right shoulders.<\/p>\n For XLF, the pattern completed on April 26.<\/p>\n<\/li>\n The potential support level that comes in at $31.13.<\/strong><\/p>\n $31.13 is an important level for XLF. It represents a major top from which prices broke down on February 2020.<\/p>\n Markets have long memories. It’s common for them to re-test past important levels like this one.<\/p>\n So, I wouldn’t be surprised if we test this level over the next several days.<\/p>\n<\/li>\n<\/ol>\n For short-term traders, this could be an opportunity to ride XLF lower…<\/p>\n Or you could wait for that level to be tested, to see if an opportunity to go long will materialize around the $31.13 price point.<\/p>\n Either way, I’ll keep a close eye on this ETF and provide another update once XLF looks ready to turn higher again.<\/p>\n Happy trading,<\/p>\n Imre Gams P.S.<\/strong> Next week, Jeff Clark will reveal the most reliable strategy of his career all thanks to a 44-day window in the markets that’s guaranteed to happen.<\/p>\n During this window, Jeff can know ahead of time which stocks are pre-determined to see big moves. So far, he’s had a 95%-win rate using his proprietary calendar<\/a> to target stocks.<\/p>\n The best part is, you’re in and out of the trades in just a couple of days. So, you don’t have to worry about exposing your hard-earned cash to volatility. To learn more, you can join Jeff on Wednesday, May 11 at 8 p.m. ET. Just click right here to sign up<\/a>.<\/p>\n <\/p>\n Do you think it\u2019s better to go long or short on XLF?<\/p>\n![\"Chart\"](\"https:\/\/cdn.jeffclarktrader.com\/JMU\/images\/202205\/20220504-jmu-01_bgh458.png\")
<\/div>\n\n
Analyst, Market Minute<\/em><\/p>\nReader Mailbag<\/h2>\n