Banks setting up for another major leg down

While in the short term it looks like XLF could rally back up to 26-27 if price is unable to significantly get above that level another large leg down in XLF in likely. Breakout above or to the right of the green box would invalidate this. The current bear market rally could last until the end of the year.

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Do not think this implies a overall market crash. As shown in the below chart you can have Nasdaq rally while financials crash.