XLF members underperform.

The Financial Select Sector SPDR Fund (XLF) has drastically underperformed the broad market since the COVID-19 March lows (second to Energy XLE). Yesterday XLF gapped up closing at 2433.50 +0.70% whilst holding above its medium-term moving averages on the Daily time frame. During this morning's U.S. session we are seeing weakness amongst the XLF members.

Here are the top 10 XLF drivers and their performance at the time of writing.

Berkshire Hathaway Inc. -0.17%
JP Morgan Chase & Co. -0.1%
Bank of America Corp. +0.04%
Citi Group Inc. -0.66%
Wells Fargo & Co. -0.49%
BlackRock Inc -1.18%
S&P Global Inc +0.04%
Goldman Sachs Group Inc +0.09%
American Express Co -0.63%
Marsh & McLennan Cos Inc -0.62%

Although the fundamentals are not looking great, from a technical standpoint, we are now at a crossroad (1) where overhead supply is dominating today's performance. What happens at (1) will most likely determine the direction for the medium term. In order for the bulls to have the upper hand they will need to overcome twin resistance at (1), sloping trendline and 50% fib retracement, taken from the February highs and the March lows of this year. A break below the black diagonal support line would trigger further downside pressure.