Home on the range

Update: 8:03 AM EST- XLF trading 12.70 above its 200EMA.

Financials is another sector stuck in a tight range. If this sector was to break out of its range first it may drive the SPX higher since it has been a lagger.
The key level to watch is the 16.64 or XLF's 200EMA.
XLF has formed 2 spinning top candles and each one has failed at the 200EMA(12.64) but stayed above its support at 12.50.

But if you break XLF down to different time frames you can see the tight range better.

But the resistance that was once at 12.64 seems to moved down to 12.60. This is seen on the 15 Min chart better

So now you have a warning sign if 12.60 can be broken it would be bullish, the range now becomes 12.60-12.64 a much tighter range.
Here is the Breadth of XLF from etfinvestmentoutlook.com