In spite of lifetime highs in most areas, the financials continue to look vulnerable. I mean, not everyone can be Netflix and Amazon, right? Anyway, the Analog From Hell is still utterly intact on the XLF:

Looking closer, there still haven’t been any crossovers on the moving averages. But, goodness gracious, there isn’t exactly a ton of room for error.

Stripping away everything except the exponential moving averages, and looking at the entire history, you can see how this looks – – what’s the word? – – vulnerable.