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.