The bank sector, XLF, is attempting to breakout above resistance.

A failure here, indicates a pivot to lower, possibly much lower levels.

This chart (6/2/20, update) shows the current situation.

The market has just opened and XLF is hovering near its recent highs.

An XLF move below the prior day’s low of 23.34, means a possible failure; the beginning of the next leg down.

As just reported here, there’s no recovery in sight.