XLF / Financials Update

Yesterday I drew these exact trendlines, I haven't changed them and they represented "Where" I'd consider an XLF long (most likely a call or 3x leveraged long like FAS)...

 The support at $20.11 held all day yesterday which was one of two levels I was looking for a move below before going long XLF via calls or the 3x leveraged FAS. This morning that level was broken, but the most obvious level is the whole number of $20, the human mind gravitates to whole numbers and even numbers so a move below $20 should take out a boatload of stops and I haven't seen that with volume yet. This morning's low was $20 exactly, typically the stops are "A break of $20", so this is what I'm looking for and have price alerts set for. I'll likely enter a long position in the Industry group if that final move below $20 is made.

Here's 3C on the move below $20.11 with a positive divergence so I think the <$20 move is reasonable and will likely have the right divergence for a long trade, even though I don't see it as very strong and that's where the risk is and that's why I want that concession first.

Honestly, if or when XLF breaks $20 on a head fake move, it will likely correspond with a market-wide change in character and nearly all averages and Industry groups should be ready to make an upside move so watching XLF alone should give you a good feel for the market in general.

I'll have the asset Ticker (option/call) ready for any such alert below $20 and after 3C confirms a shakeout.