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BKX Bank Index

Former support level at $25+ is now resistance. Note, there’s no open gap in BKX.

XLF

XLF has an open gap that may get filled partially; again, support became resistance. XLF is oversold based on all metrics, but financials need a catalyst to punch through these new resistance levels.

Position updates: still short (FAS: 90.42 -0.58%) with a more aggressive hedge via short (FAZ: 25.99 +0.54%).