XLF Financials Weekly and Daily Charts Overbot Rising Wedge Negative Divergence

Financials sector shows interesting action today on the weekly chart. New highs are printed but the weekly chart is now universally negatively diverged. The daily chart is in negative divergence as well. The daily chart shows price sitting on an island at 16.75 and higher.  The daily chart also has a H&S vibe to it which would target the 15.50 support if 16.75 fails.  Financials, like all other sectors, jumped out of the gate this year on the fiscal cliff resolution and never looked back. Despite any capitulations the daily chart may experience to finish the week or the first couple days next week, the weekly chart is content with financials rolling over now, and moving sideways to sideways down for an extended downside move ahead for a few weeks and months. XLF must be watched closely here forward.