The S&P 500 Financial sector index has not been able to rise above its January highs, unlike the S&P 500 Consumer Discretionary and Technology sector indexes which recently reached all-time highs. Similar weakness can be seen in the Banking index. Both the Financial sector index and the Banking index have shown a typical ABC correction down pattern.Â
However, if the Financial sector index and the banking index close below 441 and 102.77 on a weekly basis, I consider the trend for the two to be down. The sectors have to push above 475 and 112 to alleviate the downside pressure.Â
