XLF Financials ETF Daily Chart; Death Cross; Descending Triangle

The banks sink lower printing a death cross on the daily chart with the 50-day MA stabbing down through the 200-day MA. The financials may bounce here as usually occurs when the death cross occurs, however, the banks will sink in the weeks ahead if the death cross remains in play.

The ominous red descending triangle is glaring. The banks are standing at the gallows with the nooses around their necks. If that 26.5 baseline fails, it will get ugly very fast; the trap-door would open. The vertical side of the triangle is 3.5 points so the failure at 26.5 would target the 23.0-23.5 area where the September support is at. The 50 and 200 at 27.40-27.48 serves as overhead resistance. The bulls will be happy and partying above 27.48 but will collapse and fall into a casket if they lose 26.5. The broad market will follow the banks. This information is for educational and entertainment purposes only. Do not invest based on anything you read or view here. Consult your financial advisor before making any investment decision.