Financial ETFs were among the hardest-hit sector funds on Wednesday as Citigroup (NYSE: C) and Bank of America (NYSE: BAC) both dropped over 5%. [Financial ETFs Slip]
The technical analyst sees Financial Select Sector SPDR Fund (NYSEArca: XLF) confirming a long-term bearish “double top” pattern.
Full disclosure: Tom Lydon’s clients own SPY.