XLF closed at $33.22 after losing 0.36% yesterday

A quick look at yesterday: a tough session dominated by bearish sentiment left XLF 12 cents lower, while setting a $33.03 to $33.26 session range.

Amid the market gloom, United States Services PMI released yesterday at 13:45 UTC with a figure of 53.7, while the previous figure was 52.6. Fresh CFTC Crude Oil speculative net positions data from United States came out at 244,600. United States CFTC Gold speculative net positions came out at 189,900.

A Bearish Harami chart pattern, which is a means of predicting reversals in bull markets. When a Bearish Harami is detected at the top of a prevailing uptrend, it is typically considered a bearish signal and a prelude to a potential trend reversal. Financial Select Sector SPDR Fund's upper Bollinger Band® is at $33.75 which indicates a further downward move may follow. On the other hand, note that Financial Select Sector SPDR Fund could begin to recover as it approaches significant support, now 14 cents away from $33.08. Dipping below could be an indication that further losses are ahead.

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

Positive performances can be seen by looking at other markets as Procter & Gamble rallies 3.46% yesterday and closed at $150.85. Novo Nordisk added 4.4% and closed around $165.37 yesterday. Notably, SAP rose 5.59% yesterday and closed at $126.86.

The fund has been trending positively for about a month. Financial Select Sector SPDR Fund is now trading 6% below its 3-month high of $37.28.