XLF Financials ETF 3-Minute Chart; Battle at 30.32

The financials are a key driver of stock market direction currently. Bulls win and the relief rally will gather strong steam if the XLF moves above 30.32. Bears will win going forward if they keep the banks weak and the XLF below 30.32 trending lower. The Keybot the Quant algorithm, which is long, identifies XLF 30.32 as a key market metric currently.

Keystone looks for a purple crayon to draw a line; they are hard to find since they taste so good, here it is. You can see the to's and fro's with price crossing  the purple line at 30.32 during yesterday's session. That represents the bulls and bears slapping at each other and eventually, one side or the other will grow tired and lose.

XLF is not trading in the pre-market. JPM is up a smidgeon, GS is up +2.2%, BAC up a smidge, ditto C up a smidgeon. So it looks like XLF will float a few pennies higher to retest the 30.32. Bulls must push XLF above 30.32 or they got buptkis. Bears will win going forward if the XLF remains sub 30.32. As the banks go, so goes the stock market. 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.

Note Added 8:53 AM EST: XLF is trading up a smidge at 30.31 tapping at that 30.32 door.

Note Added Thursday Morning, 4:45 AM EST: The XLF popped higher out of the gate yesterday to 30.44 then 30.46 when the Federal Reserve flapped its dovish wings again in the afternoon. However, the battle at 30.32 continues and the bears win as the day ends, sticking a shiv into the bull's stomach during the last hour of trading. XLF ends the session at 30.22 creating bearishness in the stock market.