XLF closed at $32.6 after losing 0.43% Friday

A quick look at Friday: Financial Select Sector SPDR Fund dipped as low as $32.45 before recovering some lost ground. However, the rebound failed to push the stock to where it started the session ($32.82) with Financial Select Sector SPDR Fund closing the day at $32.6.

Price action remains constrained around the key Fibonacci level of $32.5 currently serving as support. If price action breaks below, the next Fib hurdle is $32.21. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.16 which indicates a further downward move may follow. In contrast, Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 21 cents away from $32.39. Dipping below could be an indication that further losses are ahead.

Several technical indicators are adding weight to the bearish momentum seen Friday and forecasting Financial Select Sector SPDR Fund to extend its recent losses.

In the meantime, negative performances are also seen in other markets, after ending Friday's session at $118.87, Nike lost $4.11 and is trading around $114.76. Walt Disney is down to $91.35, losing $2.41, after ending the previous session around $93.76. Morgan Stanley lost 2.66% Friday and closed at $84.49.

The fund has been trending lower for about 30 days. Having set a significant high of $37 3 months ago, Financial Select Sector SPDR Fund is trading 11.51% lower.