A minor support at 80 is now being formed with major support in the 75 zone.
If the financials can pull up over previous support (now resistance) over the next few days then we could be setting up for a decent rally with a higher low in the S&P 500. If however financials start selling off again and move away from XLF 8.67 then it's very likely that we'll be in for a move down to SPY 75.
As has been the theme for the last year: it's all about the banks.
