On my 10/13 report we discussed how stocks had just formed a weekly swing low.
The weekly swing low was an indication that stocks formed an early intermediate cycle low.
Stocks have since progressed higher. A break above the upper stem of the weekly triangle pattern will haves label week 17 as the intermediate cycle low.
The Financials did break above the upper stem of their triangle consolidation.
The Financials breaking above the upper stem of their triangle consolidation aligns with our bullish expectation.