Financials Update

 XLF 1 min showing distribution into the rounding top, 3C is now in a negative leading divergence.

XLF 5 min chart, you can see about a day and a half of accumulation which is indicative of a bounce. Above, the 1 min chart is the first place I'd expect to see a change in character as we are.

FAS-ETF long financials on a 5 min chart showing distribution into the highs, it looks like the end of the financials bounce

 FAZ 1 min looks to be under accumulation on this 5 min. It's also the opposite of FAS above and it is showing a positive leading divergence into the rounding bottom today.


 FAZ 5 min showing good accumulation today into the rounding bottom and a strong positive leading divergence.

 FAZ checked on a second version of 3C, also a 5 min chart, showing the same accumulation into the lows and a very positive leading divergence into today's rounding bottom. For this reason, I don't think XLF/Financials are seeing just typical profit taking otherwise there wouldn't be accumulation in ETFs like FAZ which are inverse or short financials.

Here's today's rounding bottom in FAZ, price and volume should both round. Volume should pick up in FAZ shortly.

 BAC-Bank of America, a good bellwether for financials, this 1 min 3C chart also shows distribution into a rounding top.
 

BAC's 5 min chart is showing the same distribution and a growing negative leading divergence.