Meanwhile, Bank of America is a sector underperformer by some 20% since the start of the year, the analyst noted. The stock accounts for about 6% of the financial ETF.
A death cross often “represents a bearish technical signal warning of further downside,” Briefing.com said Wednesday. “However, we would note that the last occurrence back in the summer of 2010 marked a near bottom for the space as XLF began a strong uptrend in late August.”
