In the stock market, levels that had been support can convert into resistance levels. This may have just happened with the Financial Select Sector SPDR Fund ETF (NYSE: XLF), which means it may trend lower.
The stock market is rebounding but there may not be any follow-through. At least, that’s what the Financial Select Sector SPDR Fund (NYSE: XLF) says. This ETF tracks the important financial sector.
The Labor Department reported the consumer price index (CPI) jumped 8.5% year-over-year in March, the highest monthly inflation growth in more than 40 years.
JPMorgan Chase & Co. (NYSE: JPM) last week reported earnings results that were far above estimates. It looked like a blowout, but the stock was slammed and continues to trend lower.