Financials

About that rotation...

 XLF 1 min leading negative

 2 min leading negative and note the flat area, this is where divergences are most commonly seen, the reason is simple, filling institutional orders at the VWAP.

 The 5 min leading negative

At this point, I would consider shorting financials here and now, the only problem is that the market tends to move together. This would suggest if Tech can take the market higher, financials will move in the same direction, it is just their relative performance that would lag.

The all important 15 min is only in line. Again, this is not very positive for financials, but I would not be taking large bets against a directional move, even if it is a relative weak performer.