Payback Time

It appears the bears are in control now, and the price actions are a mirror image of the time when the bulls have control of the market. Major indices failed to hold the current support level and the bears took it down decisively. For those that been buying into this dip is probably feeling it now. Click on the following charts to view where the next possible support level might be and to read the commentary. The bias remains to be bearish. Buying here could be like catching a falling knife.

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XLE:



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XLF: