SPX rallied today (as shown on the following chart in yellow), but the Financials were flat. One reason why is that GS has been badly slumping. There was mortgage settlement news from BAC after hours so I will be watching the Financials closely tomorrow.
In these situations Financials may actually pick up the pace and attempt to close the gap. Yet, the underperformance is an early warning sign. I've been targeting the 1315 area for SPX, and that still seems possible.
I'll have additional details soon, but I am considering June 30th as a potential topping date for SPX with a decline to follow into late next week. That would likely be a higher low.