To give you an idea of the damage that this market has seen in May, note the XLF (ETF for the financial sector) losing not only its primary breakout point from March, but also support from that base as well. $15 was the key level, and now with that lost, the next area to negotiate is support from February down around $14.40. Below there, and things get even dicier. If nothing else, this chart illustrates how quickly the market can change character when committed buyers do not continue to support a breakout, despite how pretty it initially appeared. Obviously, the carnage in JPM and GS has not helped the cause for financial bulls.
Even if we find support down at these levels, this is still a sloppy chart that needs time to heal.
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