This morning veteran technical analyst Chris Kimble opens a page from the great American author Mark Twain and weighs in on the Financial Select Sector SPDR ETF (XLF).

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Chris comments: "The reports of my death are greatly exaggerated." Does Mark Twain's famous quote apply to the economy? Fundamental news sure looks like the economy is close to 6 feet under.

The Bank index over the past couple of months has created a potential "inverse head and shoulders" pattern, with the all-important NECKLINE being tested as resistance. Notice in this link from earlier this week that the NDX 100 has created a similar looking pattern.

If the saying "so goes the banks so goes the economy" is true, the fate of the XLF neckline could determine if we have a "Mark Twain moment" for both the Banks and the overall economy.