16.77 and GS 117

That is the low for the XLF financial ETF on July 15, 2008, the first move down in the big crash.  In the very short-term measurement of this little mini-bounce from last Friday’s decline it is an important level to watch.  Recently we traded above that level for two days, April 14th and 15th.  Today’s high so far is 16.71.

AN UPDATE…….Chart Target on Goldman Sachs is 117 on the coming decline.