Figure 1 is a weekly chart of the S&P Select SPDR Financial Fund (symbol: XLF). The red and black dots are on the price chart are key pivot points, which represent areas of buying (support) and selling (resistance).
Figure 1. XLF/ weekly
This is a widely followed ETF that correlates highly with the market. As the banks go, so goes the market. Currently, price is below the three most recent key pivots and there is only 1 interpretation for this finding: bear market. A weekly close below 13.76 would seal the deal. Support levels are at 12.38.