The financials got hammered today, and smashed through support that was holding around $19.50.  The price was recently trapped in the channel between $19.50 and $23.50.  This one has the potential to head down to $17.00 again, with support at the July lows.

On the other side, candlestick chart readers will see the inverted hammer which can be a downtrend reversal depending on how tomorrow goes.  For confirmation the price can not trade below the open all day.

Tight management is the only way to trade in this environment

Equivolume: XLFClick for larger version

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