Sulaman Chaudhry and Andy Cole send: There are only two charts we are looking at going into the new week, the SPX and the XLF:

Last week’s 20% rally bottom to top really seems to be showing signs of some weakness here. The volume has all but dryed up (granted, it was a holiday) and we are coming close to being overbought. It might be a good idea to close any outstanding long positions.

The Financial ETF (XLF) continues to lead this market and unless something crazy happens, $13 will provide as firm resistance for the bulls. Similar to the S&P 500, the volume has been far from encouraging.

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