Banking Sector Continues to Trend Lower

One of the main reasons that I am taking an intermediate term bearish stance on the market is due to the banking sector which continues to get hammered.  There have been some banks holding above their January/March panic lows while others have been setting new lows.  I was first turned on to the idea that the market topped when I saw that the banking sector topped and started heading lower.

The banks led us down in January and March and led us back up to the recent high we just set.  Now, they are again taking leadership to the downside.  This is NOT what you want to see.  We haven't seen the Financial ETFs (XLF) or (UYG) challenge their respective spike lows from earlier this year, but we want to be on guard because we see a lot of individual stocks breaking.  Let's take a look at a few charts.