By Jeff PIerce

When the XLF:XLP is under the 50 week ema the market is bearish and vice versa when it’s above the 50 week ema. This is simply a case of risk on vs risk off and it appears that risk off is starting to win with new multi month lows on this chart. With the recent volatility moves in the market it’s clear that we’re in an unstable environment and that is generally when big moves down can occur.


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